Andover Properties Acquires Self Storage Facility In Corpus Christi For $Undisclosed
2902 South Padre Island Drive, Corpus Christi, TX, USA
Building Size
40,948 SF
Asset Type
—
Closing
Aug 12, 2021
About this deal
AI
Andover Properties has acquired a self storage property located at 2902 South Padre Island Drive in Corpus Christi. The transaction, facilitated by Bellomy & Co., was finalized on August 13, 2021. The property spans a total of 40,948 square feet and consists of 300 units.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: Not specified
- Address: 2902 South Padre Island Drive
- Market: Corpus Christi
- Square Footage: 40,948
- Total Units: 300
The seller of the property, Divisidero Property LLC, successfully closed the deal with Andover Properties. The transaction was facilitated by Bill Bellomy and Michael Johnson from Bellomy & Co.
Players
Corpus Christi CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93