Tyler Silver & Rodney Waits Acquire Special Purpose Property In Destin For $3M
29 Starboard Court, Miramar Beach, Florida 32550, United States
$3,000,000
$598/SF
Building Size
5,014 SF
Asset Type
—
Closing
Apr 7, 2022
About this deal
AI
29 Starboard Court, located in Miramar Beach, Florida, was recently sold as an off-market investment property. This special-purpose asset offers a total area of 5,014 square feet. The property was acquired by Tyler Silver and Rodney Waits for a sale price of $3,000,000, resulting in a price per square foot of $668. The transaction took place on April 8, 2022, in the Destin market.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $3,000,000
- Address: 29 Starboard Ct, Miramar Beach, Florida
- Market: Destin
- Square Footage: 5,014
The buyers, Tyler Silver and Rodney Waits, plan to utilize 29 Starboard Court as a vacation rental. They anticipate a projected gross income of $425,000 per year from this investment opportunity. It is worth mentioning that this off-market property was discovered through a DealFlyte Education student, showcasing the value of their training in finding lucrative real estate deals.
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Players
Miramar 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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93