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Marcus & Millichap Brokers $8.3M Sale Of 82-Room Hotel In Fargo To Hospitality Group
SOLD
$8,300,000
+ 1
North Dakota
See Similar DealsHotel
Sold
SOLD
Marcus & Millichap Brokers $8.3M Sale Of 82-Room Hotel In Fargo To Hospitality Group
4417 23rd Ave. S
See Similar DealsHotel
Sold
+ 1
Summary
NORTH DAKOTA
Asset Type:Hotel
Transaction Type:Sale
The property involved in this transaction is an 82-room hotel located at 4417 23rd Ave. S, Fargo, ND. The asset was sold for $8,300,000, equating to a price per key of $101,220. This hotel is a Comfort Suites property. The sale was facilitated through local conventional financing.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $8,300,000
- Address: 4417 23rd Ave. S
- Market: Fargo, ND
- Keys: 82
- Price Per Key: $101,220
The transaction was brokered by Marcus & Millichap, with Allan Miller, Christopher (Chris) Gomes, Huberth Marak, and Skyler Cooper representing both the buyer and the closing. The purchase was made by a hospitality group utilizing 1031 exchange proceeds from a previous hotel sale in Montana.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$442,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$29,488.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$39,346.23
Annual Debt Service$472,154.81
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