JLK MGT LLC Acquires Waterfront Land In Fort Lauderdale For $4.375M With Broker Jake Michels
94-96 Hendricks Isle Drive
$4,375,000
Building Size
—
Asset Type
Land
Closing
Dec 17, 2024
About this deal
AI
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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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.63%
Cash-on-Cash
-1.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93