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Joseph Rocco Of Ultra Luxury Townhomes LLC Acquires 4.4 Acre Development Site In Delray Beach For $15M
SOLD
$15,000,000
Florida
See Similar DealsDevelopment Site
Sold 03/28/2025
SOLD
Joseph Rocco Of Ultra Luxury Townhomes LLC Acquires 4.4 Acre Development Site In Delray Beach For $15M
2613 Federal Highway
See Similar DealsDevelopment Site
Sold 03/28/2025
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
A development site located at 2419-2613 North Federal Highway in Delray Beach has been sold for $15 million. The property spans 4.4 acres and has been mostly vacant, with the last sale recorded at $10 million in 2022. It was previously intended for an auto dealership but has not seen any development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Buyer: Joseph Rocco - Ultra Luxury Townhomes LLC
- Seller: Christina M. Ribaudo - Superstore Auto Group
- Financing: $7 million in seller financing
- Market: Delray Beach
- Acres: 4.4
Joseph Rocco represents Ultra Luxury Townhomes LLC in this acquisition from Christina M. Ribaudo, who is associated with Superstore Auto Group. This transaction involved a property that had previously been earmarked for development but remained undeveloped.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$799,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83
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