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Saltbox LLC & Artemis Realty Acquires Land In Manalapan For $40M

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SOLD
$40,000,000
Jack Elkins

Florida

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Saltbox LLC & Artemis Realty Acquires Land In Manalapan For $40M

1260 S Ocean Blvd, Manalapan, FL 33462

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Jack Elkins
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Summary

FLORIDA
Transaction Type:Sale

The property involved in this transaction is a land located at 1260 South Ocean Boulevard in Manalapan. The sale took place on 04/01/2022, with the buyer being Saltbox LLC & Artemis Realty represented by Carolyn S. Nachmias, and the seller being Stewart A. Satter of Carnegie Hill Development. The buyer was represented by Jack Elkins from William Raveis Real Estate, while the seller was represented by Robert Preston from Carnegie Hill Realty. The transaction price for the sale was $40,000,000.

Summary of transaction details

  • Property Type: Land
  • Transaction Amount: $40,000,000
  • Address: 1260 South Ocean Boulevard, Manalapan
  • Date: 04/01/2022
  • Market: Manalapan

The key individuals and companies involved in this deal include Carolyn S. Nachmias representing Saltbox LLC & Artemis Realty as the buyer, and Stewart A. Satter representing Carnegie Hill Development as the seller. Jack Elkins from William Raveis Real Estate acted as the buyer's representative, while Robert Preston represented the seller from Carnegie Hill Realty.

Players

Jack Elkins
6 deals$135.3M volume
BROKER

Robert Preston
1 deal$40M volume
BROKER

Artemis Real Estate Partners
BUYER

Details

SOLD
IMAGE: Stewart A. Satter & Jack Elkins DATE: 04/01/2022 ADDRESS: 1260 South Ocean Boulevard MARKET: Manalapan ASSET TYPE: Land BUYER: Saltbox LLC & Artemis Realty - Carolyn S. Nachmias SELLER: Stewart A. Satter - Carnegie Hill Development BUYER'S REP: Jack Elkins - William Raveis Real Estate (@WilliamRaveis) SELLER'S REP: Robert Preston - Carnegie Hill Realty SALE PRICE: $40,000,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,133,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88