The Breakers Acquires Mixed-Use Property In Palm Beach For $11.5M
249 Royal Poinciana Way, 251 Royal Poinciana Way & 253 Royal Poinciana Way
$11,500,000
$683/SF
Building Size
16,818 SF
Asset Type
Mixed-use
Closing
Jan 16, 2024
AI
The Breakers, led by Paul Leone, has acquired a mixed-use property located at 249-253 Royal Poinciana Way in Palm Beach. The property includes three storefronts and seven residential apartments. The sale price for this transaction was $11.5 million.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $11,500,000
- Units: 10
- Price Per Unit: $1,150,000
- Square Footage: 5,606
- Price Per Square Foot: $2,051
- Market: Palm Beach
- Buyer: Paul Leone - The Breakers
- Seller: Spencer J. Schlager & Charles L. Rosenberg - CSPB RPW LLC
This acquisition contributes to The Breakers' growing real estate portfolio in the Palm Beach area. Since 2010, they have acquired approximately $55.5 million worth of properties in the region.
Players
Palm Beach Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93