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Home Property LLC Acquires Palm Beach Single Family For $18M

Property Image
SOLD
$18,000,000

Florida

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Single Family Residence5,400 SF
Sold 05/24/2023
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Property Image
SOLD

Home Property LLC Acquires Palm Beach Single Family For $18M

569 Island Dr, Palm Beach, Fl 33480

See Similar Deals
Single Family Residence5,400 SF
Sold 05/24/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Single Family Residence
Price Per Square Foot:$3,333
Total Square Footage:5,400 SF
Transaction Type:Sale

Bruce Beal, an executive at Related Companies, sold his Palm Beach home located at 569 Island Drive for $18 million in a private sale. The property, which sits on 0.4 acres, was originally acquired by Beal for $9.4 million in 2013. The single-family home spans 5,400 square feet and was purchased by an undisclosed buyer.

Summary of transaction details

  • Property Type: Single Family
  • Transaction Amount: $18,000,000
  • Market: Palm Beach
  • Address: 569 Island Drive
  • Buyer: Home Property LLC
  • Seller: Bruce Beal & Mark P. Biondi - Related Beal ; Francis V. Cunningham
  • Acres: 0.4
  • Square Footage: 5,400

This high-profile real estate transaction took place amidst a flurry of activity in the Palm Beach area. The sale of Beal's home demonstrates the strength of the luxury housing market in the region. The buyer, Home Property LLC, remains undisclosed, adding an air of mystery to the deal.

Players

Bruce Beal
Related Companies
Bruce Beal
5 deals$453.1M volume
SELLER
Related Companies
Related Companies
SELLER
Related Companies
Related Companies
SELLER

Details

SOLD
IMAGE: Bruce Beal & Mark P. Biondi DATE: 05/24/2023 ADDRESS: 569 Island Drive MARKET: Palm Beach ASSET TYPE: Single Family ~ ACRES: 0.4 BUYER: Home Property LLC SELLER: Bruce Beal & Mark P. Biondi - Related Beal (@RelatedBeal); Francis V. Cunningham SALE PRICE: $18,000,000 SF: 5,400 ~ PPSF: $3,333 NOTE: Bruce Beal, an executive at Related Companies, sold his Palm Beach home for $18 million in a private sale. The undisclosed buyer purchased the property, which Beal had acquired for $9.4 million in 2013, amidst a flurry of high-profile real estate transactions in the Palm Beach area.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$960,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
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