Aimco Acquires Development Site In Fort Lauderdale For $16M
SOLD
$16,000,000
Florida
See Similar DealsDevelopment Site
Sold 08/05/2022
SOLD
Aimco Acquires Development Site In Fort Lauderdale For $16M
Southwest Corner of Northeast Ninth Street and Northeast Fifth Avenue
See Similar DealsDevelopment Site
Sold 08/05/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The development site located at the southwest corner of Northeast Ninth Street and Northeast Fifth Avenue in Fort Lauderdale has been sold for $16,000,000. The property spans an area of 1.4 acres and was purchased by Aimco, with Wes Powell representing the buyer. The seller, RK Centers, was represented by Raanan Katz.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $16,000,000
- Address: Southwest Corner of Northeast Ninth Street and Northeast Fifth Avenue, Fort Lauderdale
- Market: Fort Lauderdale
- Acres: 1.4
Wes Powell, acting on behalf of Aimco, successfully completed the purchase of the development site. Raanan Katz, representing RK Centers, facilitated the sale.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$853,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,844.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,848.16
Annual Debt Service$910,177.95
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