Alta Development Acquires Fort Lauderdale Development Site For $20.7M
SOLD
$20,750,000
Florida
See Similar DealsDevelopment Site
Sold 10/03/2022
SOLD
Alta Development Acquires Fort Lauderdale Development Site For $20.7M
608 Southwest Flagler Avenue, Fort Lauderdale, Florida 33301, United States
See Similar DealsDevelopment Site
Sold 10/03/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The development site located at 608, 612 & 614 SW Flagler Ave, 100 SW Sixth St. & 609 SW First Ave in Fort Lauderdale has been sold for a total price of $20,750,000. The buyer, Alta Development represented by Raimundo Onetto, acquired the property from Bizzi & Partners.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $20,750,000
- Address: 608, 612 & 614 SW Flagler Ave, 100 SW Sixth St. & 609 SW First Ave, Fort Lauderdale
- Market: Fort Lauderdale
- Buyer: Alta Development - Raimundo Onetto
- Seller: Bizzi & Partners
- Approved Project: 400-unit project with 4,198 square feet of retail space and a 463-space parking garage
Raimundo Onetto, representing Alta Development, played a key role in the acquisition of the development site in Fort Lauderdale. The property had already been approved for a 400-unit project, including retail space and a parking garage.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,106,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$73,720.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$98,365.59
Annual Debt Service$1,180,387.03
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