Updated Oct 29, 2024
Hotels Of Pompano Beach Acquires Development Site In Pompano Beach For $4.1M
599 Federal Highway
$4,100,000
Building Size
—
Asset Type
Development Site
Closing
Nov 16, 2022
About this deal
AI
A development site located at 599 N Federal Hwy in Pompano Beach has been sold for $4,100,000. The property spans a total square footage of 48,379, with a price per buildable square footage (PPBSF) of $85. The transaction took place on November 16, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,100,000
- Address: 599 N Federal Hwy, Pompano Beach
- Market: Pompano Beach
- Buyer: Hotels of Pompano Beach - Neal Patel
- Seller: Macmillan Real Estate - Danny Alonso
- Brokers: Ivo Tsinev & Jorge Alvarino - Horizon Properties of Miami
The buyer of the property is Hotels of Pompano Beach, represented by Neal Patel. The seller, Macmillan Real Estate, was represented by Danny Alonso. The transaction was facilitated by Ivo Tsinev and Jorge Alvarino, brokers from Horizon Properties of Miami.
It is worth noting that Ivo Tsinev, the Director of Commercial Services at Horizon Properties of Miami, specializes in retail sales, multifamily/hotel/self-storage development sites. He has both on-market and off-market deals available and encourages interested parties to contact him for their property needs. He can be reached at (954) 673-1564.
On the Map
$4,100,000
Development Site
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Players
Pompano Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.87%
Cash-on-Cash
-1.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93