Ocean Land Investments Acquires Development Site In Fort Lauderdale For $11.3M
SOLD
$11,300,000
Florida
See Similar DealsDevelopment Site
Sold 06/30/2021
SOLD
Ocean Land Investments Acquires Development Site In Fort Lauderdale For $11.3M
501 Southeast 6th Avenue
See Similar DealsDevelopment Site
Sold 06/30/2021
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
A development site located at 501 SE 6th Ave in Fort Lauderdale was recently sold for $11,300,000. The property spans approximately 0.8 acres and is situated in the Fort Lauderdale market. The sale took place on June 30, 2021.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $11,300,000
- Address: 501 SE 6th Ave
- Market: Fort Lauderdale
- Asset Type: Development Site
- Acres: 0.8
The buyer of the property was Ocean Land Investments, represented by Jean Francois Roy. On the other side, the seller was Maple Multi-Family Land SE, L.P., a subsidiary of Trammell Crow Residential.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$602,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$40,146.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$53,567.76
Annual Debt Service$642,813.18
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