Dev Motwani Acquires Development Site In Fort Lauderdale For $6.4M
407 North Andrews Avenue, Fort Lauderdale, Florida 33301, United States
$6,400,000
$284/SF
Building Size
22,500 SF
Asset Type
Development Site
Closing
Aug 28, 2022
AI
A development site located at 407 N Andrews Ave in Fort Lauderdale has been sold for a total price of $6,400,000. The property spans across 22,500 square feet and has a price per square foot of $284. The buyer of the site is Dev Motwani, while Alan Hooper and Aida Jaen are the sellers. The transaction was facilitated by brokers Jaime Sturgis and Kaley Tuning from Native Realty.
Summary of transation details
- Asset Type: Development Site
- Date: 08/29/2022
- Market: Fort Lauderdale
- Buyer: Dev Motwani
- Seller: Alan Hooper & Aida Jaen
- BROKERS: Jaime Sturgis & Kaley Tuning - Native Realty
The development site sale at 407 N Andrews Ave was successfully completed with the help of brokers Jaime Sturgis and Kaley Tuning from Native Realty. Their expertise in the Fort Lauderdale market played a crucial role in connecting the buyer, Dev Motwani, with the sellers, Alan Hooper and Aida Jaen.
Players
Fort Lauderdale 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
2.48%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93