Updated Dec 16, 2024
Development Site Sold In Surfside For $14.8M With Joel Lusky & Zalmy Shapiro As Brokers
940 88 St
$14,800,000
$592/SF
Building Size
25,000 SF
Asset Type
Development Site
Closing
Dec 5, 2024
About this deal
AI
The transaction involved a development site located at 940 88th Street in Surfside. The sale price was $14,800,000, encompassing a total area of 25,000 square feet, resulting in a price per square foot of $592.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $14,800,000
- Address: 940 88th Street
- Market: Surfside
- Square Footage: 25,000
- Price per Square Foot: $592
- Brokers: Joel Lusky & Zalmy Shapiro - The Brokerage South Florida Real Estate
Joel Lusky and Zalmy Shapiro represented the parties in this transaction, affiliated with The Brokerage South Florida Real Estate. Their involvement was crucial in facilitating the sale of the development site in the competitive Surfside market.
On the Map
$14,800,000
$592/SF
Development Site
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Surfside 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
1.07%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93