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Jerad Graham And Stefanie Leonel Of Kastelo Development Acquire Development Site In Delray Beach For $3.8M

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SOLD
$3,800,000

Florida

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Development Site15,254 SF
Sold 01/22/2025
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Property Image
SOLD

Jerad Graham And Stefanie Leonel Of Kastelo Development Acquire Development Site In Delray Beach For $3.8M

102 Southeast 5th Avenue

See Similar Deals
Development Site15,254 SF
Sold 01/22/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$249
Total Square Footage:15,254 SF
Transaction Type:Sale

The asset involved in this transaction is a development site located at 102 Southeast 5th Avenue in Delray Beach, which was sold for $3,800,000. The site spans approximately 15,254 square feet, leading to a price per square foot of $249.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $3,800,000
  • Address: 102 Southeast 5th Avenue
  • Market: Delray Beach
  • Square Footage: 15,254
  • Price Per Square Foot: $249
  • Buyer: Jerad Graham & Stefanie Leonel - Kastelo Development; Juan Fernando Andonie - 4TRO Development
  • Broker: Alan Grobman - eXp Commercial

The joint venture led by Jerad Graham, Stefanie Leonel, and Juan Fernando Andonie plans to develop eight townhouse-style units on the 0.35-acre site. This location is strategically positioned one block south of Atlantic Avenue and east of the railroad tracks, providing access to the marina, beaches, and the shopping and dining options along Atlantic Avenue.

Players

Alan Grobman
Exp Commercial
Alan Grobman
2 deals$3.8M volume(954) 320-6702
BROKER

Details

SOLD
IMAGE: Alan Grobman, Juan Fernando Andonie, Stefanie Leonel & Jerad Graham DATE: 01/22/2025 ADDRESS: 102 Southeast 5th Avenue MARKET: Delray Beach ASSET TYPE: Development Site BUYER: Jerad Graham (@JeradG.cre) & Stefanie Leonel (@StefLeonel) - Kastelo Development (@KasteloDev); Juan Fernando Andonie (@JuanFAndonie) - 4TRO Development BROKER: Alan Grobman (@lasolasrealproperty) - eXp Commercial (@Exp.Commercial) SALE PRICE: $3,800,000 SF: 15,254 ~ PPSF: $249 NOTE FROM BUYER: The joint venture intends to develop 8 townhouse-style units on the recently acquired 0.35-acre site, situated only one block south of Atlantic Avenue and east of the railroad tracks, within the heart of Delray Beach's vibrant downtown district. The location offers walkable access to the city's marina, award-winning beaches, and the renowned Atlantic Avenue shopping and dining corridor.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

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