Updated Dec 4, 2024
Stock Development Acquires Development Site At 6869 Airport Pulling Road Naples For $12.55M
6869 Airport Pulling Road
$12,550,000
Building Size
—
Asset Type
Development Site
Closing
Jul 15, 2024
About this deal
AI
The property asset involved in the transaction is a development site located at 6869 Airport Pulling Road in Naples. The sale price of the asset was $12,550,000. The site is designated for a future project comprising a four-story structure characterized by a modern elevation, flat roofs, and extensive use of glass.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,550,000
- Buyer: Stock Development - Keith Gelder
- Seller: Herring Et Al, Charles E, John E. Crimmel Trust, Sharon T. Crimmel Trust & Whitley S. Ward
- Brokers: Jeff Stubins & Christian Infante - Stubins Group
Christian Infante and Jeff Stubins of Stubins Group represented all parties in this off-market deal. The buyer indicated plans for the project, which include a modern architectural style intended to enhance the visual appeal of the site.
Players
Naples Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.26%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93