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Matcre LLC And SVI Ventures LLC Acquire Development Site In Palmetto For $3.88M

Property Image
SOLD
$3,880,000
Tony Veldkamp
Matt Fenske

Florida

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Development Site
Sold 01/16/2025
the dealplayerscompscontact
Property Image
SOLD

Matcre LLC And SVI Ventures LLC Acquire Development Site In Palmetto For $3.88M

9025 Tamiami Trail & 3105 Moccasin Wallow Road

See Similar Deals
Development Site
Sold 01/16/2025
Tony Veldkamp
Matt Fenske
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

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

Tony Veldkamp
SVN
Tony Veldkamp
6 deals$31.1M volume
BROKER
Matt Fenske
SVN
Matt Fenske
4 deals$15.6M volume(941) 773-9984
BROKER

Details

SOLD
IMAGE: Tony Veldkamp & Matt Fenske DATE: 01/16/2025 ADDRESS: 9025 U.S. 41 & 3105 Moccasin Wallow Road MARKET: Palmetto ASSET TYPE: Development Site ~ ACRES: 22.16 BUYER: Matcre LLC & SVI Ventures LLC SELLER: OHM Teerth Investment and Consulting LLC & Corner Properties of St. Pete BROKERS: Matt Fenske (@Commercialrealestate_fl) & Tony Veldkamp - SVN (@SVN_CommercialPartners) SALE PRICE: $3,880,000 NOTE: SVN brokered two property sales in Palmetto totaling $3.88M, for over 22.16 acres that will be home to 248 residential units. The deals include a $2.6M site for 180 apartments purchased by Matcre LLC and a $1.28M site for 68 townhouses acquired by SVI Ventures LLC.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$206,933.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$13,784.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,393.18
Annual Debt Service$220,718.15