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SB Development Acquires Edgewater Condo On Northeast 19th Street For $12M

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SOLD
$12,000,000

Florida

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Condo
Sold 08/19/2022
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Property Image
SOLD

SB Development Acquires Edgewater Condo On Northeast 19th Street For $12M

419 Northeast 19th Street

See Similar Deals
Condo
Sold 08/19/2022
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Summary

FLORIDA
Asset Type:Condo
Transaction Type:Sale

A condominium unit located at 419 Northeast 19th Street in Edgewater, has been sold for a total price of $12,000,000. The sale took place on August 19, 2022. The property consists of 13 units, resulting in a price per unit of $923,077. The buyer of the condo is SB Development, represented by Joseph Stern. The lender involved in the transaction is Rok Lending.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $12,000,000
  • Units: 13
  • Price Per Unit: $923,077

SB Development, led by Joseph Stern, successfully acquired the condominium at 419 Northeast 19th Street in Edgewater. The sale transaction was facilitated with the support of lender Rok Lending. This transaction showcases the successful collaboration between these key stakeholders in the real estate market.

Players

7 deals$594.8M volume
BUYER

Rok Lending
LENDER

Details

SOLD
IMAGE: Joseph Stern DATE: 08/19/2022 ADDRESS: 419 Northeast 19th Street MARKET: Edgewater ASSET TYPE: Condo BUYER: SB Development - Joseph Stern LENDER: Rok Lending SALE PRICE: $12,000,000 UNITS: 13 ~ PPU: $923,077

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

$640,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47