Related Cos. Acquires Development Site In West Palm Beach For $20.1M
SOLD
$20,120,000
Florida
See Similar DealsDevelopment Site
Sold 07/27/2020
SOLD
Related Cos. Acquires Development Site In West Palm Beach For $20.1M
134 Lakeview Avenue, West Palm Beach, FL, USA
See Similar DealsDevelopment Site
Sold 07/27/2020
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
Related Cos., led by Gopal Rajegowda, J.P. Perez, Jeff Blau, and Stephen M. Ross, has acquired a development site in West Palm Beach. The property, located at 134 & 142 Lakeview Ave., was sold by The First Church of Christ, Scientist. The transaction took place on July 27, 2021.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $20,120,000
- Address: 134 & 142 Lakeview Ave.
- Market: West Palm Beach
The development site spans across 2.52 acres, resulting in a price per acre (PPA) of $7,984,127. Further specific details about the property are not available.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,073,066.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$71,482.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$95,379.06
Annual Debt Service$1,144,548.78
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