Michael Klinger Acquires Development Site In Golden Beach For $9.25M
SOLD
$9,250,000
Florida
See Similar DealsDevelopment Site14,025 SF
Sold 04/04/2024
SOLD
Michael Klinger Acquires Development Site In Golden Beach For $9.25M
220 South Island Road
See Similar DealsDevelopment Site14,025 SF
Sold 04/04/2024
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$659
Total Square Footage:14,025 SF
Transaction Type:Sale
Located in Golden Beach, the development site at 220 South Island Road has been sold for $9,250,000. Spanning 14,025 square feet, the property was acquired by Michael Klinger from the seller, Donna Smith. The deal was facilitated by brokers Jonathan Mann and Jill Hertzberg from Coldwell Banker.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,250,000
- Address: 220 South Island Road
- Market: Golden Beach
- Buyer: Michael Klinger - Saber South
- Seller: Donna Smith
- Brokers: Jonathan Mann & Jill Hertzberg - Coldwell Banker
- SF: 14,025
- Price Per Square Foot: $660
Michael Klinger of Saber South emerged as the buyer in this transaction, while Donna Smith acted as the seller. The negotiation process was handled by Jonathan Mann and Jill Hertzberg of Coldwell Banker, showcasing their expertise and professionalism in closing the deal smoothly.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$493,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$32,863.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$43,849.72
Annual Debt Service$526,196.63
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