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JLK MGT LLC Acquires Waterfront Land In Fort Lauderdale For $4.375M With Broker Jake Michels
SOLD
$4,375,000
Florida
See Similar DealsLand
Sold 12/17/2024
SOLD
JLK MGT LLC Acquires Waterfront Land In Fort Lauderdale For $4.375M With Broker Jake Michels
94-96 Hendricks Isle Drive
See Similar DealsLand
Sold 12/17/2024
Summary
FLORIDA
Asset Type:Land
Transaction Type:Sale
JLK MGT, LLC has acquired a 0.29-acre waterfront parcel located at 94-96 Hendricks Isle in Fort Lauderdale for $4,375,000. The site is currently occupied by two vacant multifamily buildings and is planned for redevelopment into luxury residences. This purchase aligns with the ongoing trend of upscale projects in the Las Olas Isles neighborhood.
Summary of transation details:
- Property Type: Land
- Transaction Amount: $4,375,000
- Address: 94-96 Hendricks Isle Drive
- Market: Fort Lauderdale
- Acres: 0.29
- Buyer: JLK MGT, LLC
- Broker: Jake Michels - Berger Commercial Realty
Jake Michels of Berger Commercial Realty represented JLK MGT, LLC in this transaction, facilitating the acquisition of the land that will be transformed into high-end residential units.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$233,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,543.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,739.73
Annual Debt Service$248,876.78
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