MHG Hotels & Storage Purchase Development Site In Lake Worth For $2.9M
4361 Hypoluxo Road
$2,900,000
Building Size
—
Asset Type
Development Site
Closing
Mar 27, 2024
AI
The property involved in the transaction is a Development Site located at 4361 Hypoluxo Road in Lake Worth. The asset was sold by Fuqua Dev to buyers Hiren, Neal & Sanjay Patel of MHG Hotels and MHG Storage for a total sale price of $2,900,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,900,000
- Buyer: Hiren, Neal & Sanjay Patel - MHG Hotels - MHG Storage
- Seller: Fuqua Dev
- Brokers: Jonathan Cashion & Daniel Solomon - Katz & Associates Real Estate Advisors
The buyers, Hiren, Neal & Sanjay Patel, are planning to construct a 3-story fully climate-controlled Public Storage facility on the acquired Development Site. MHG Hotels and MHG Storage are open to receiving information on new development opportunities in the hotel, storage, and multifamily sectors through [email protected].
Players
Lake Worth 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
5.47%
Cash-on-Cash
-1.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93