Updated Dec 19, 2023
PB Coastal LLC Acquires Development Site On North Lake Way In Palm Beach For $23M
445 N Lake Way, Palm Beach, FL 33480, USA
$23,000,000
$1,918/SF
Building Size
11,988 SF
Asset Type
Development Site
Closing
Jun 18, 2020
About this deal
AI
The development site located at 445 North Lake Way in Palm Beach has been sold for a price of $23,000,000. The property spans approximately 34,848 square feet and has a price per square foot of $660. The transaction took place on June 19, 2020.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $23,000,000
- BSF: 34,848
- PPBSF: $660
Mark Pulte, the seller, represented Mark Timothy Inc in the deal. The buyer, PB Coastal LLC, was represented by Kochman & Ziska PLLC.
Players
Palm Beach 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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93