Mark Timothy Inc. Acquires Development Site In Delray Beach For $11M
SOLD
$11,000,000
Florida
See Similar DealsDevelopment Site518,360 SF
Sold 09/17/2020
SOLD
Mark Timothy Inc. Acquires Development Site In Delray Beach For $11M
701 S Ocean Blvd, Delray Beach, FL 33483, USA
See Similar DealsDevelopment Site518,360 SF
Sold 09/17/2020
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$21
Total Square Footage:518,360 SF
Transaction Type:Sale
The development site located at 701 South Ocean Boulevard in Delray Beach has been sold for $11,000,000. The property spans a total of 51,836 square feet, resulting in a price per square foot of $212.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11,000,000
- Address: 701 South Ocean Boulevard, Delray Beach
- Market: Delray Beach
- Buyer: Mark Timothy Inc. - Mark Pulte
- Seller: Michael & Judith Rothberg
- Broker: Pascal Liguori - Premier Estate Properties
Mark Pulte, representing Mark Timothy Inc., acted as the buyer in this transaction. The seller of the property is Michael and Judith Rothberg. Pascal Liguori, from Premier Estate Properties, played a crucial role as the broker in facilitating this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$586,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,080.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,145.61
Annual Debt Service$625,747.34
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