Updated Jul 31, 2026
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
About this deal
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