Updated Dec 4, 2024
Aimco Acquires Development Site In Fort Lauderdale For $16M
Southwest Corner of Northeast Ninth Street and Northeast Fifth Avenue
$16,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 4, 2022
About this deal
AI
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.
On the Map
$16,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93