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Florida Investor Acquires 7 Fractured Condos In Grand Isles Condominiums For $1.5M

Property Image
SOLD
$1,505,000
Daniel J. Cunningham
River Rhoads
+ 1

Florida

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Condo
Sold 09/11/2023
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Property Image
SOLD

Florida Investor Acquires 7 Fractured Condos In Grand Isles Condominiums For $1.5M

4145 North Haverhill Road West Palm Beach, FL 33417, USA

See Similar Deals
Condo
Sold 09/11/2023
Daniel J. Cunningham
River Rhoads
+ 1
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Summary

FLORIDA
Asset Type:Condo
Transaction Type:Sale

A Florida-based private investor has acquired seven fractured condos in Grand Isles Condominiums in West Palm Beach. The all-cash sale, facilitated by Marcus & Millichap, was closed at a total price of $1,505,000. The buyer benefited from this bulk purchase by acquiring the condos at a lower unit price compared to individual sales in the community. The property is located at 4145 North Haverhill Road and consists of seven units.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $1,505,000
  • Address: 4145 North Haverhill Road
  • Market: West Palm Beach

Marcus & Millichap played a crucial role in facilitating the transaction of these seven fractured condos. Evan Richardson, Daniel Cunningham, River Rhoads, and Dillon Majeski from Marcus & Millichap served as the brokers representing both the buyer and the seller. Their expertise in the West Palm Beach market contributed to the successful completion of this deal.

Players

Daniel J. Cunningham
30 deals$197M volume
BROKER

Evan Richardson
Marcus & Millichap
30 deals$183.1M volume
BROKER

River Rhoads
Marcus & Millichap
29 deals$153.9M volume
BROKER

Dillon Majeski
Marcus & Millichap
27 deals$169.1M volume
BROKER

Details

SOLD
IMAGE: Daniel Cunningham, Evan Richardson, River Rhoads & Dillon Majeski DATE: 09/11/2023 ADDRESS: 4145 North Haverhill Road MARKET: West Palm Beach ASSET TYPE: Condo BROKERS: Evan Richardson, Daniel Cunningham, River Rhoads & Dillon Majeski (@dillon.majeski) - Marcus & Millichap (@marcusmillichap_fl) SALE PRICE: $1,505,000 UNITS: 7 ~ PPU: $215,000 NOTE: Marcus & Millichap has announced the all-cash sale of seven fractured condos in Grand Isles Condominiums for a total of $1,505,000. The buyer, a Florida-based private investor, benefited from this bulk purchase by acquiring the condos at a lower unit price compared to individual sales in the community.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$80,266.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$5,346.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,134.47
Annual Debt Service$85,613.61