Heights Advisors & Legacy Partners Acquire Development Site In Fort Lauderdale For $6.7M
SOLD
$6,700,000
Florida
See Similar DealsDevelopment Site9,500 SF
Sold 11/18/2021
SOLD
Heights Advisors & Legacy Partners Acquire Development Site In Fort Lauderdale For $6.7M
111 Southwest 3rd Avenue, Fort Lauderdale, FL, USA
See Similar DealsDevelopment Site9,500 SF
Sold 11/18/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$705
Total Square Footage:9,500 SF
Transaction Type:Sale
The development site located at 111 Southwest Third Avenue in Fort Lauderdale has been sold in a transaction. The property spans approximately 1 acre and was acquired by Heights Advisors & Legacy Partners. The seller of the property was GB Property Management. The sale price for the transaction amounted to $6,700,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,700,000
- Address: 111 Southwest Third Avenue, Fort Lauderdale
- Market: Fort Lauderdale
- Buyer: Heights Advisors & Legacy Partners
- Seller: GB Property Management
- Brokers: Bradley Arendt & Mika Mattingly - Colliers
- Acres: 1
The deal was facilitated by Bradley Arendt and Mika Mattingly from Colliers, who served as the brokers representing the buyer and seller, respectively.
Players
BUYER
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$357,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,803.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,761.42
Annual Debt Service$381,137.02
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