Saxum Real Estate Acquires Development Site In Philadelphia For $17.4M
SOLD
$17,362,500
Pennsylvania
See Similar DealsDevelopment Site132,026 SF
Sold 11/02/2021
SOLD
Saxum Real Estate Acquires Development Site In Philadelphia For $17.4M
700 North Delaware Avenue, Philadelphia, PA, USA
See Similar DealsDevelopment Site132,026 SF
Sold 11/02/2021
Summary
PENNSYLVANIA
Asset Type:Development Site
Price Per Square Foot:$131
Total Square Footage:132,026 SF
Transaction Type:Sale
The development site located at 700 N. Delaware Ave. in Philadelphia, PA was recently sold in a closed transaction. The property, which is a Development Site, was purchased by Saxum Real Estate from the Piazza Family. The sale was facilitated by Rittenhouse Realty Advisors, with Ken Wellar, Corey Lonberger, and Mark Duszak serving as the seller's representatives.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $17,362,500
- Address: 700 N. Delaware Ave.
- Market: Philadelphia, PA
The buyer, Saxum Real Estate, acquired the property from the Piazza Family in this transaction. The sale price amounted to $17,362,500. The development site has a building square footage (BSF) of 132,026 and a price per building square footage (PPBSF) of $131.
Players
BUYER
Details
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$925,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$61,685.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$82,307.11
Annual Debt Service$987,685.30
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