415 Hibiscus LLC Acquires Condo On Worth Avenue, Palm Beach For $15.5M
259 Worth Avenue, Palm Beach, Florida 33480, United States
$15,500,000
$1,550/SF
Building Size
10,000 SF
Asset Type
—
Closing
Jun 27, 2022
About this deal
AI
A 10,000 square foot condo located at 259 Worth Avenue in Palm Beach has been sold for $15,500,000. The property, which was sold by FRO II 259 Worth Owner LLC, features a price per square foot of $1,550.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $15,500,000
- Square Footage: 10,000
- Price per Square Foot: $1,550
- Address: 259 Worth Avenue
- Market: Palm Beach
The buyer of the condo is 415 Hibiscus LLC, represented by Mark Mashburn. This transaction highlights the collaboration between the buyer and seller, as they successfully closed the deal on June 28, 2022.
Players
Palm Beach 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
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93