Randall Realty Group Acquires Mixed-Use Property In Palm Beach For $15M
SOLD
$15,000,000
Florida
See Similar DealsMixed-use30,600 SF
Sold 01/18/2023
SOLD
Randall Realty Group Acquires Mixed-Use Property In Palm Beach For $15M
2875 South Ocean Boulevard
See Similar DealsMixed-use30,600 SF
Sold 01/18/2023
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$490
Total Square Footage:30,600 SF
Transaction Type:Sale
The Randall Realty Group has acquired a mixed-use property located at 2875 South Ocean Boulevard in Palm Beach. The property, spanning 30,600 square feet, was sold by the Silverman Group for a total price of $15,000,000. With a price per square foot of $490, this transaction reflects the strong market demand for mixed-use assets in Palm Beach.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $15,000,000
- Address: 2875 South Ocean Boulevard, Palm Beach
- Market: Palm Beach
- Buyer: Randall Realty Group
- Seller: Silverman Group
- Square Footage: 30,600 sqft
The acquisition was finalized on January 18, 2023. Jordan Randall, James Randall, and Benjamin Randall represented the Randall Realty Group as their brokers in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$799,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83
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