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Douglas Hoeksema Purchases Development Site In Sanford For $6.15M

Property Image
SOLD
$6,150,000
Jad Richa
Brian Hunsicker
Nasser Al-Hafi

Florida

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Development Site
Sold 03/05/2024
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Property Image
SOLD

Douglas Hoeksema Purchases Development Site In Sanford For $6.15M

3475 Lake Mary Boulevard

See Similar Deals
Development Site
Sold 03/05/2024
Jad Richa
Brian Hunsicker
Nasser Al-Hafi
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

The development site located at 3475 E. Lake Mary Boulevard in Sanford was sold for $6,150,000. The transaction involved buyer Douglas Hoeksema and seller Sadique Jaffer. The deal was facilitated by brokers Brian Hunsicker, Jad Richa, and Nasser Al-Hafi from Capstone Companies.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $6,150,000
  • Buyer: Douglas Hoeksema
  • Seller: Sadique Jaffer
  • Brokers: Brian Hunsicker, Jad Richa, and Nasser Al-Hafi - Capstone Companies @Capstone_CRE
  • Address: 3475 E. Lake Mary Boulevard
  • Market: Sanford

The buyer, Douglas Hoeksema, intends to develop a 284-unit multi-family community on the acquired development site.

Players

Jad Richa
Capstone Companies
Jad Richa
6 deals$88M volume
BROKER
Brian Hunsicker
Capstone Companies
Brian Hunsicker
4 deals$43.6M volume(727) 631-5870
BROKER
Nasser Al-Hafi
Capstone Companies
Nasser Al-Hafi
2 deals$14.8M volume
BROKER

Details

SOLD
IMAGE: Nasser Al-Hafi, Jad Richa & Brian Hunsicker DATE: 03/05/2024 ADDRESS: 3475 E. Lake Mary Boulevard MARKET: Sanford ASSET TYPE: Development Site BUYER: Douglas Hoeksema SELLER: Sadique Jaffer BROKERS: Brian Hunsicker (@Brian.Hunsicker), Jad Richa (@Richa_Jad) & Nasser Al-Hafi (@AlHaFinas) - Capstone Companies @Capstone_CRE SALE PRICE: $6,150,000 NOTE FROM BROKERS: Buyer intends to develop a 284-unit multi-family community

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$328,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$21,849.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,154.14
Annual Debt Service$349,849.65