Condra Property Group Acquires Development Site In Coastal Hollywood For $10M
SOLD
$10,000,000
Florida
See Similar DealsDevelopment Site
Sold 12/21/2021
SOLD
Condra Property Group Acquires Development Site In Coastal Hollywood For $10M
3319 North Ocean Drive, Hollywood, Florida 33019, United States
See Similar DealsDevelopment Site
Sold 12/21/2021
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
A development site spanning approximately 1.44 acres located at 3319 N Ocean Drive, 3300 N Surf Road, and 322 New Mexico Street in Coastal Hollywood has been sold. The transaction closed on December 21, 2021, with a sale price of $10,000,000. The property offers significant potential for development in a desirable coastal location.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,000,000
- Address: 3319 N Ocean Drive, 3300 N Surf Road, and 322 New Mexico Street
- Market: Coastal Hollywood
- Acres: 1.44
Mark Drachman of Condra Property Group represented the buyer, while Vadim Gataulin of VVG Real Estate Investments LLC was the seller. Both parties were involved in the successful completion of the transaction for this prime development site.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22
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