Updated Oct 28, 2024
Abacus Capital Group Acquires Development Site On Arlington Ave N In St. Petersburg For $10.75M
959 Arlington Avenue North, St Petersburg, Florida 33705, United States
$10,750,000
$6,761/SF
Building Size
1,590 SF
Asset Type
Development Site
Closing
Apr 14, 2022
About this deal
AI
The .77 acre development site located at 959 Arlington Ave N in St. Petersburg, Florida has been sold for $10,750,000. The property, currently used as a Parking Lot, is situated on the border of The Edge District and Mirror Lake in downtown St. Petersburg. The buyer, Abacus Capital Group, intends to build a multifamily building on the site in the near future.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $10,750,000
- Address: 959 Arlington Ave N, St. Petersburg, Florida
- Market: St. Petersburg
- Asset Type: Development Site
- Acres: .77
- Buyer: Abacus Capital Group
- Seller: Arlington Avenue North Group
- Broker: Dylan Florea - DRP Development Inc
Dylan Florea of DRP Development Inc represented both the buyer and the seller in this transaction.
Players
Saint Petersburg 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
1.48%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93