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1002 9th Avenue North

Jason Moldoff Purchases Multifamily Property From Irvin Pena In Lake Worth Beach For $3.27M
SOLDMultiFamily

Jason Moldoff Purchases Multifamily Property From Irvin Pena In Lake Worth Beach For $3.27M

1002 9th Avenue North

$3,270,000

$259/SF

Building Size

12,600 SF

Asset Type

MultiFamily

Closing

Oct 30, 2024

AI

This multifamily property is located at 1002 9th Avenue North in Lake Worth Beach, consisting of twelve units and built in 2020. The property spans a total area of 12,600 square feet and sits on a 20,000 square foot lot. It was sold for a price of $3,270,000, which translates to a price per square foot of $259.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,270,000
  • Sale Date: 10/30/2024
  • Buyer: Jason Moldoff
  • Seller: Irvin Pena
  • Brokers: Michael Fernandez & Mario Fernandez - Florida Realty of Miami
  • Market: Lake Worth Beach
  • Square Footage: 12,600
  • Price Per Square Foot: $259
  • Lot Size: 20,000 sqft

Mario and Michael Fernandez played a pivotal role in facilitating this transaction, leveraging their extensive network to successfully locate the buyer. The transaction highlights the growing demand for multifamily properties in the Lake Worth Beach market.

Players

Michael Fernandez

Florida Realty of Miami

Broker

$28.6M

vol

7 deals

Broker

Lake Worth Beach MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.85%

Cash-on-Cash

-1.39%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93