Sterling Equities Acquires Multifamily Property In Fort Lauderdale For $92.4M
SOLD
$92,400,000
Florida
See Similar DealsMultiFamily1,151 SF
Sold 01/07/2021
SOLD
Sterling Equities Acquires Multifamily Property In Fort Lauderdale For $92.4M
408 Northeast 6th Street, Fort Lauderdale, FL, USA
See Similar DealsMultiFamily1,151 SF
Sold 01/07/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$80,278
Total Square Footage:1,151 SF
Transaction Type:Sale
Located at 408 NE 6th Street in Fort Lauderdale, this multifamily property was recently sold in a closed transaction. The property consists of 286 units and was sold for a price of $92,400,000, resulting in a price per unit of $323,077.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $92,400,000
- Address: 408 NE 6th Street, Fort Lauderdale
- Market: Fort Lauderdale
The buyer in this transaction was Sterling Equities, represented by Fred Wilpon. The seller was PGIM, represented by Eric Adler.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,927,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$328,277.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$438,023.14
Annual Debt Service$5,256,277.68
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