Altman Companies Acquires 110-Acre Development Site In Lake Worth Beach For $14M
SOLD
Florida
See Similar DealsDevelopment Site
Sold 01/21/2022
SOLD
Altman Companies Acquires 110-Acre Development Site In Lake Worth Beach For $14M
Lake Worth Beach, Palm Beach, Florida 33480, United States
See Similar DealsDevelopment Site
Sold 01/21/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
Altman Companies, led by Joel L. Altman and Seth M. Wise, acquired a development site in Lake Worth Beach. The property measures approximately 110 acres and was sold by Concert Golf Partners, represented by Peter Nanula.
Summary of Transaction Details
- Property Type: Development Site
- Sale Price: $14,000,000
- Location: Lake Worth Beach
- Date: January 21, 2022
This transaction involved Altman Companies, represented by Joel L. Altman and Seth M. Wise, as the buyer, and Concert Golf Partners, represented by Peter Nanula, as the seller. The sale price for the development site was $14,000,000. No additional details about the property or the transaction were provided.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$746,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$49,739.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$66,367.14
Annual Debt Service$796,405.71
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