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Pascal Nicolai Of Sabal Development Acquires Oceanfront Land In Fort Lauderdale For $10.755M

Property Image
SOLD
$10,755,000

Florida

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Land
Sold 11/24/2024
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Property Image
SOLD

Pascal Nicolai Of Sabal Development Acquires Oceanfront Land In Fort Lauderdale For $10.755M

2932 North Atlantic Boulevard

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Land
Sold 11/24/2024
the dealdetailscomps

Summary

FLORIDA
Asset Type:Land
Transaction Type:Sale

The asset involved in this transaction is a land parcel located at 2932 North Atlantic Boulevard in Fort Lauderdale, comprising 0.42 acres. The property was sold for a total of $10,755,000.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $10,755,000
  • Buyer: Pascal Nicolai - Sabal Development
  • Market: Fort Lauderdale
  • Oceanfront Property: Yes
  • Beachfront Access: 100 feet
  • Future Development: 10,000-square-foot luxury home
  • Architects: Togu Design and Jason Hagopian of Neuvio Architects
  • Projected Sale Price: Over $45M
  • Features: Two pools and a rooftop terrace with ocean views

This transaction involved Pascal Nicolai, who is leading Sabal Development in the acquisition of the property. The firm has specific plans for the site, focusing on creating a luxury residence designed to meet high-end market demands.

Details

SOLD
IMAGE: Pascal Nicolai DATE: 11/24/2024 ADDRESS: 2932 North Atlantic Boulevard MARKET: Fort Lauderdale ASSET TYPE: Land ~ ACRES: 0.42 BUYER: Pascal Nicolai (@PascalNicolai) - Sabal Development (@SabalDev) SALE PRICE: $10,755,000 NOTE: Sabal Development, led by Pascal Nicolai, acquired a $10.775M oceanfront property in Fort Lauderdale with 100 feet of beachfront access. The firm plans to build a 10,000-square-foot, three-story luxury home that's projected to sell for over $45M once built. Featuring two pools, a rooftop terrace, and expansive ocean views, the residential project will be designed by Togu Design and architect Jason Hagopian of Neuvio Architects.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$573,600.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$38,210.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$50,984.19
Annual Debt Service$611,810.24