Richbuilt Construction Acquires Development Site From Farrell Communities Banyan Bay For $4 Million
SOLD
$4,000,000
Florida
See Similar DealsDevelopment Site519,235 SF
Sold 08/26/2024
SOLD
Richbuilt Construction Acquires Development Site From Farrell Communities Banyan Bay For $4 Million
South Kanner Highway
See Similar DealsDevelopment Site519,235 SF
Sold 08/26/2024
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$7
Total Square Footage:519,235 SF
Transaction Type:Sale
This development site located at 5590 Kanner Highway in Stuart was sold for $4,000,000. The property encompasses a total square footage of 519,235, resulting in a price per square foot of $7.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,000,000
- BSF: 519,235
- PPBSF: $7
- Buyer: Richbuilt Construction
- Seller: Farrell Communities Banyan Bay
- Brokers: Nikolaus Schroth, Jeff Allman Jr & James McKinney - NAI Southcoast
- Date of Sale: 08/26/2024
The transaction involved key representatives from NAI Southcoast, specifically Nikolaus Schroth, Jeff Allman Jr, and James McKinney, who played significant roles as the brokers in this deal. Their efforts facilitated the successful transaction between Richbuilt Construction and Farrell Communities Banyan Bay.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$213,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$14,211.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,962.04
Annual Debt Service$227,544.49
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