Updated Jan 21, 2025
Matcre LLC And SVI Ventures LLC Acquire Development Site In Palmetto For $3.88M
9025 Tamiami Trail & 3105 Moccasin Wallow Road
$3,880,000
Building Size
—
Asset Type
Development Site
Closing
Jan 16, 2025
About this deal
AI
The property involved in the transaction is a development site located at 9025 U.S. 41 & 3105 Moccasin Wallow Road in Palmetto, comprising a total of 22.16 acres. The sale price for the property was $3,880,000. This site is set to accommodate 248 residential units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,880,000
- Buyer: Matcre LLC & SVI Ventures LLC
- Seller: OHM Teerth Investment and Consulting LLC & Corner Properties of St. Pete
- Brokers: Matt Fenske & Tony Veldkamp - SVN
The brokers, Matt Fenske and Tony Veldkamp, facilitated the transaction, which included two property sales in Palmetto. Matcre LLC purchased a site for 180 apartments for $2.6 million, while SVI Ventures LLC acquired a site for 68 townhouses for $1.28 million.
Players
Palmetto 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
4.09%
Cash-on-Cash
-1.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93