Related Group And Alta Development Acquire 1.34-acre Development Site In Fort Lauderdale For $15.5M
SOLD
$15,500,000
Florida
See Similar DealsDevelopment Site
Sold 06/14/2022
SOLD
Related Group And Alta Development Acquire 1.34-acre Development Site In Fort Lauderdale For $15.5M
409 Southeast 8th Street, Hialeah, Florida 33010, United States
See Similar DealsDevelopment Site
Sold 06/14/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
A development site located at 409 SE Eight Street in Fort Lauderdale was recently sold for a total of $15,500,000. The property covers an area of 1.34 acres and was acquired by the Related Group, represented by Jorge M. Perez, and Alta Development, represented by Henry Pino. The sellers, Salt Air 20 Development LLC, were represented by Robert Given of Cushman & Wakefield.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $15,500,000
- Address: 409 SE Eight Street, Fort Lauderdale
- Market: Fort Lauderdale
- Acres: 1.34
Robert Given from Cushman & Wakefield played a key role as the seller's representative in this deal. Meanwhile, Jorge M. Perez and Henry Pino represented the buying parties, Related Group and Alta Development, respectively.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$826,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,068.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$73,477.91
Annual Debt Service$881,734.89
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