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Lockhart Management Group Inc Acquires 10 Acres Of Land In Clermont For $3.01M
SOLD
$3,010,000
Florida
See Similar DealsLand
Sold 11/12/2023
SOLD
Lockhart Management Group Inc Acquires 10 Acres Of Land In Clermont For $3.01M
Land
Sold 11/12/2023
Summary
Asset Type:Land
Transaction Type:Sale
Lockhart Management Group Inc.-linked LMG Clermont 2 LLC has purchased approximately 10 acres of land near downtown Clermont for $3.1 million. The property, located at South Hwy 27 and East Desoto Street, is expected to contribute to the growing demand for self-storage development in the Orlando area.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $3,010,000
- Address: South Hwy 27 & East Desoto Street
- Market: Clermont
- Buyer: Lockhart Management Group Inc - James Lockhart
- Seller: Fonstock Real Estate Investments LLC - Carlos Alberto da Fonseca & Fonseca Family Holding Ltd
The transaction was facilitated by James Lockhart of Lockhart Management Group Inc, representing the buyer, and Carlos Alberto da Fonseca and Fonseca Family Holding Ltd, representing the seller, Fonstock Real Estate Investments LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$160,533.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,693.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,268.94
Annual Debt Service$171,227.23
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