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
$6,500,000
Building Size
—
Asset Type
Development Site
Closing
Dec 17, 2021
AI
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.
Players
Riviera Beach 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
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93