Updated Oct 28, 2024
Silver Cloud Hotels Acquires Parking Lot In Seattle, WA For $13.5M
1st Avenue South, Seattle, Washington 98168, United States
$13,500,000
$750/SF
Building Size
18,000 SF
Asset Type
Other
Closing
Oct 10, 2022
About this deal
AI
An 18,000 square foot parking lot located at 1st Ave S in Seattle, WA was sold for a price of $13,500,000. The buyer, Silver Cloud Hotels, acquired the property from the seller, Apple Family. The transaction was facilitated by Dave Speers from Kidder Mathews, who represented the buyer, and Stren Lea from Marcus & Millichap, who represented the seller.
Summary of transaction details
- Property Type: Parking Lot
- Transaction Amount: $13,500,000
- Address: 1st Ave S, Seattle, WA
- Market: Seattle, WA
- Buyer: Silver Cloud Hotels
- Seller: Apple Family
- Buyer's Representative: Dave Speers - Kidder Mathews
- Seller's Representative: Stren Lea - Marcus & Millichap
- SF: 18,000
- PPSF: $750
Notable individuals involved in the transaction included Dave Speers from Kidder Mathews, who represented Silver Cloud Hotels in the deal, and Stren Lea from Marcus & Millichap, who represented the Apple Family.
Players
Seattle Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.18%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93