Robin Cruise Acquires Multifamily Portfolio In West Palm Beach For $11.03M
SOLD
$11,039,000
Florida
See Similar DealsMultiFamily
Sold 08/27/2021
SOLD
Robin Cruise Acquires Multifamily Portfolio In West Palm Beach For $11.03M
692 Neil Road, West Palm Beach, FL, USA
See Similar DealsMultiFamily
Sold 08/27/2021
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
A multifamily property located at 692 Neil Road, 535 Palmetto Street, 4224 Park Lane, 4509-4539 Gulfstream Road, 617-625 South F Street, 4172 & 4177 Narcissus Avenue, 5855 South 37th Street, 3025 Perry Avenue, 3662 Davis Road, 307-329 Melody Lane & 312 Mockingbird Lane in West Palm Beach, Lake Worth, Greenacres, Palm Springs, and Lantana has been sold in a closed transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $11,039,000
- Units: 83
- Price Per Unit (PPU): $133,000
- Buyer: Robin Cruise
- Seller: Reijo Lahteenmaki
- Broker: Virgilio Fernandez - Colliers
- Date: 08/27/2021
- Market: West Palm Beach, Lake Worth, Greenacres, Palm Springs, and Lantana
Virgilio Fernandez from Colliers represented Robin Cruise as the broker in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$588,746.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,219.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,330.49
Annual Debt Service$627,965.90
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