Updated Apr 1, 2025
Joseph Rocco Of Ultra Luxury Townhomes LLC Acquires 4.4 Acre Development Site In Delray Beach For $15M
2613 Federal Highway
$15,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 28, 2025
About this deal
AI
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.
Players
Delray Beach Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Deal FAQ
Browse Delray Beach development site sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93