SOLDDevelopment Site
Javier Melo Of Audax Land, LLC Acquires Development Site In Florida City For $13.2M
11 Southeast 1st Avenue
$13,200,000
$30/SF
Building Size
435,600 SF
Asset Type
Development Site
Closing
Jun 3, 2026
AI
This development site located at 11 Southeast 1st Avenue in Florida City has been sold for $13,200,000. The property spans approximately 435,600 square feet, translating to a price per square foot of $30.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $13,200,000
- Buyer: Javier Melo - Audax Land, LLC
- Seller: Jeff Zito, Alicio Piña, Tom Mesa & Patrick Dolezal
- Square Footage: 435,600
- Price per Square Foot: $30
Audax Land, LLC, led by Javier Melo, has acquired this 10-acre property and has entered into a lot sale agreement with DR Horton for 150 finished residential lots. DR Horton will manage the development of the site to construct a townhome community following the completion of the necessary infrastructure improvements.
Players
Homestead Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.20%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93