Updated Oct 28, 2024
Condra Property Group Acquires Development Site In Coastal Hollywood For $10M
3319 North Ocean Drive, Hollywood, Florida 33019, United States
$10,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 20, 2021
About this deal
AI
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.
On the Map
$10,000,000
Development Site
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Hollywood 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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93