Steven R. Dingle Of SRD Building Acquires 0.41 Acre Waterfront Lot In Boca Raton For $15.5M
2408 Maya Palm Drive East
$15,500,000
Building Size
—
Asset Type
Land
Closing
Jun 3, 2026
About this deal
AI
A 0.41-acre waterfront lot located at 2408 Maya Palm Drive East in Boca Raton, FL, was sold for $15.5 million. This property is situated in the prestigious Royal Palm Yacht & Country Club and represents a strategic addition to SRD Building's active construction pipeline in the area.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $15,500,000
- Buyer: Steven R. Dingle
- Buyer's Company: SRD Building
- Seller: Jeffrey H. Norman
- Seller's Company: JH Norman Construction Co.
- Market: Boca Raton, FL
- Acreage: 0.41
The transaction involved an affiliate of SRD Building acquiring the lot from contractor Jeffrey H. Norman, who divided a larger parcel into two lots. The total for both lots sold reached $29 million, reflecting the robust demand and record pricing in Royal Palm.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93