Updated Aug 4, 2025
Ike Harb Acquires Development Site In Clermont From Charlie Weatherbee For $1.05M
898 West Montrose Street
$1,050,000
$429/SF
Building Size
2,444 SF
Asset Type
Development Site
Closing
Jul 17, 2025
About this deal
AI
The development site located at 898 West Montrose Street in Clermont has been successfully sold for $1,050,000. This asset encompasses a total area of 2,444 square feet, amounting to a price per square foot of $429.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,050,000
- Buyer: Ike Harb
- Seller: Charlie Weatherbee
- Brokers: Christopher Settineri, Christina Kurtz-Clark & Maria Camila Castro - Settineri Group
The brokers noted that they brought an underutilized automotive shop to market in a growing downtown district and successfully sourced a 1031 exchange buyer, while simultaneously securing a high-quality regional tenant. They emphasized their role in creating a net-leased, cash-flowing asset at closing, facilitating an adaptive reuse intended to transform the property into a vibrant, themed experiential destination.
Players
Clermont Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
15.11%
Cash-on-Cash
-4.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93