Updated Oct 29, 2024
Housing Trust Group Acquires Flagler Village Development Site From Metro 1 Commercial For $3.5M
640 N Andrews Ave, Fort Lauderdale, FL 33311, USA
$3,500,000
$99/SF
Building Size
35,276 SF
Asset Type
Development Site
Closing
Jan 26, 2020
About this deal
AI
Located in Flagler Village, the development site at 640 N Andrews Ave has been sold for a price of $3,500,000. The property spans a total of 35,276 square feet, resulting in a price per buildable square foot of $99.28. The site is designated for residential use and has the potential for 100 units.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $3,500,000
- Buildable Square Footage: 35,276
- Price per Buildable Square Foot: $99.28
- Units: 100
Housing Trust Group, represented by @ZacharyNLGlick, acquired the property from Metro 1 Commercial. The seven-story Village View will consist of 68 one-bedroom and 32 two-bedroom apartments, offering a range of sizes and configurations.
Players
Fort Lauderdale Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93