Evan Schapiro Of Morgan Group Purchases Development Site In Deerfield Beach For $12M
SOLD
$12,000,000
Florida
See Similar DealsDevelopment Site
Sold 04/18/2025
SOLD
Evan Schapiro Of Morgan Group Purchases Development Site In Deerfield Beach For $12M
418 Northeast River Drive
See Similar DealsDevelopment Site
Sold 04/18/2025
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The development site located at 418 Northeast River Drive in Deerfield Beach was sold for $12,000,000. This asset encompasses a total square footage of 365,904, translating to a price per square foot of $32. The site is designated for a 320 unit multifamily waterfront development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Address: 418 Northeast River Drive
- Market: Deerfield Beach
- Square Footage: 365,904
- Price per Square Foot: $32
- Buyer: Evan Schapiro - Morgan Group
- Seller: Christopher Partridge
- Brokers: Tony Arellano & Devlin Marinoff - DWNTWN Realty Advisors
The transaction was managed by brokers Tony Arellano and Devlin Marinoff from DWNTWN Realty Advisors, representing Christopher Partridge as the seller. Evan Schapiro acted on behalf of Morgan Group as the buyer in this development site deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$640,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47
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