James Harpel Acquires Condo Development In West Palm Beach For $7.9M
1100 South Flagler Drive, West Palm Beach, FL, USA, 1100 South Flagler Drive, West Palm Beach, FL, USA, 1100 South Flagler Drive, West Palm Beach, FL, USA, 1100 South Flagler Drive, West Palm Beach, FL, USA & 1100 South Flagler Drive, West Palm Beach, FL, USA
$7,900,000
$59/SF
Building Size
5,544 SF
Asset Type
—
Closing
Sep 11, 2019
About this deal
AI
James Harpel, a partner at Eastview Development, recently purchased unit 1204 at the luxury condo development located at 1100 South Flagler Street, in West Palm Beach. The sale, which took place on September 12, 2019, was for a total price of $7,900,000. The condo development consists of 69 units, with a price per unit (PPU) of $114,492.
Summary of transaction details:
- Property Type: Condo Development
- Transaction Amount: $7,900,000
- Units: 69
- Price Per Unit (PPU): $114,492
- Address: 1100 South Flagler Street
- Market: West Palm Beach
Harpel made the purchase as a representative of Eastview Development. The transaction involved the acquisition of unit 1204 from the development group. The deal highlights the active involvement of individuals and companies in the West Palm Beach real estate market.
Players
West Palm Beach CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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About $59 per square foot on a published $7.9M for 134,011 square feet (2019).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.01%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93