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29 Starboard Court, Miramar...

Updated Dec 18, 2023

Tyler Silver & Rodney Waits Acquire Special Purpose Property In Destin For $3M
SOLD

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.

To explore similar off-market investment opportunities, follow @dealflyte on Instagram and gain insights on how to uncover hidden gems in the real estate market.

Players

Miramar Beach CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Deal FAQ

About $598 per square foot on a published $3M for 5,014 square feet (2022).

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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

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