757 Island Dr LLC Acquires Palm Beach Land For $39.5M
SOLD
$39,500,000
Florida
See Similar Deals5,123 SF
Sold 07/15/2020
SOLD
757 Island Dr LLC Acquires Palm Beach Land For $39.5M
757 Island Drive, Palm Beach, FL, USA
See Similar Deals5,123 SF
Sold 07/15/2020
Summary
FLORIDA
Price Per Square Foot:$7,710
Total Square Footage:5,123 SF
Transaction Type:Sale
757 Island Drive in Palm Beach has been sold for a whopping $39,500,000. This 0.9-acre land transaction took place on July 15, 2021. The property is located in a prime location on the Island Drive.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $39,500,000
- Date: 07/15/2021
- Address: 757 Island Drive, Palm Beach
- Market: Palm Beach
- Buyer: 757 Island Dr LLC
- Seller: Elizabeth Wetherell; David Wetherell - Biomark Capital
The buyer in this transaction is 757 Island Dr LLC, while the seller is Elizabeth Wetherell and David Wetherell, represented by Biomark Capital. Both parties have successfully closed the deal for this valuable land in Palm Beach.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,106,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$140,335.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$187,250.15
Annual Debt Service$2,247,001.82
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