Fontainebleau Development Acquires Condo In Tequesta For $30.6M
SOLD
$30,590,000
Florida
See Similar Deals1,112 SF
Sold
SOLD
Fontainebleau Development Acquires Condo In Tequesta For $30.6M
300 Beach Road, Tequesta, FL, USA
See Similar Deals1,112 SF
Sold
Summary
FLORIDA
Price Per Square Foot:$27509
Total Square Footage:1112 SF
Transaction Type:Sale
The property involved in this closed transaction is a condo located at 300 Beach Road in the market of Tequesta. The sale took place on September 1, 2021, with the buyer being Fontainebleau Development represented by Jeffrey Soffer as their broker. The sale price for this transaction amounted to $30,590,000, and the property consists of 24 units. The price per unit is approximately $1,274,583.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $30,590,000
- Address: 300 Beach Road, Tequesta
- Market: Tequesta
- Buyer: Fontainebleau Development - Jeffrey Soffer
- Units: 24
- Price Per Unit: $1,274,583
The deal was facilitated by Jeffrey Soffer, representing Fontainebleau Development as their broker. This transaction marks an important acquisition for Fontainebleau Development and their plans for real estate expansion in the Tequesta market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,631,466.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$108,679.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$145,012.21
Annual Debt Service$1,740,146.48
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