Apple Hospitality REIT Acquires Hotel In Pittsburgh For $34M
SOLD
$34,000,000
Pennsylvania
See Similar DealsHotel
Sold 10/31/2022
SOLD
Apple Hospitality REIT Acquires Hotel In Pittsburgh For $34M
1126 Smallman St, Pittsburgh, Pennsylvania 15222, United States
See Similar DealsHotel
Sold 10/31/2022
Summary
PENNSYLVANIA
Asset Type:Hotel
Transaction Type:Sale
A hotel located at 1126 Smallman St in Pittsburgh, Pennsylvania has been sold for $34,000,000. The property, consisting of 134 units, was purchased by Apple Hospitality REIT, represented by Nelson Knight. The sale took place on October 31, 2022.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $34,000,000
- Address: 1126 Smallman St, Pittsburgh, Pennsylvania
- Market: Pittsburgh, Pennsylvania
- Buyer: Apple Hospitality REIT - Nelson Knight
- Units: 134
- Price Per Unit: $253,731
Nelson Knight, representing Apple Hospitality REIT, played a key role in the purchase of the hotel located at 1126 Smallman St in Pittsburgh, Pennsylvania. The deal, which closed on October 31, 2022, involved a transaction amount of $34,000,000. The property consists of 134 units, with a price per unit of $253,731.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,813,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15
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