MHG Hotels & Storage Purchase Development Site In Lake Worth For $2.9M
SOLD
$2,900,000
Florida
See Similar DealsDevelopment Site
Sold 03/27/2024
SOLD
MHG Hotels & Storage Purchase Development Site In Lake Worth For $2.9M
4361 Hypoluxo Road
See Similar DealsDevelopment Site
Sold 03/27/2024
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
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].
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$154,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,303.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,747.48
Annual Debt Service$164,969.75
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