The Easton Group Acquires Development Site In Riviera Beach For $6.5M
SOLD
$6,500,000
Florida
See Similar DealsDevelopment Site
Sold 12/17/2021
SOLD
The Easton Group Acquires Development Site In Riviera Beach For $6.5M
1463 Dr Martin Luther King Jr Boulevard, Riviera Beach, Florida 33404, United States
See Similar DealsDevelopment Site
Sold 12/17/2021
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The development site located at 1463-1481 Dr. Martin Luther King, Jr. Blvd. in Riviera Beach has been sold for $6,500,000. The property spans over 8.97 acres and was listed for the same asking price as the final sale price.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,500,000
- Buyer: The Easton Group - C.J. Easton & David Wilf; Stonemont Financial; Cerberus Capital Management
- Seller: Jimmy Ho
- Seller's Representative: Robert Smith - CBRE
The buyer of the property includes The Easton Group represented by C.J. Easton & David Wilf, as well as Stonemont Financial and Cerberus Capital Management. On the selling side, Jimmy Ho served as the seller. The transaction was facilitated by Robert Smith of CBRE.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$346,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,093.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,813.32
Annual Debt Service$369,759.79
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