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Col. Freeman Jones & Anne McCormack Jones Purchase Palm Beach Home For $10.4M

Property Image
SOLD
$10,400,000
Todd Peter
Somers Laffey

Florida

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Single Family2,596 SF
Sold 03/27/2024
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Property Image
SOLD

Col. Freeman Jones & Anne McCormack Jones Purchase Palm Beach Home For $10.4M

215 Seaspray Avenue

See Similar Deals
Single Family2,596 SF
Sold 03/27/2024
Todd Peter
Somers Laffey
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Single Family
Price Per Square Foot:$4,006
Total Square Footage:2,596 SF
Transaction Type:Sale

A Mediterranean-style house on Seaspray Avenue in Palm Beach was sold for $10.4 million. The 2,596-square-foot property was purchased by retired Army Col. Freeman Jones and wife Anne Beverly McCormack Jones from Virginia.

Summary of transaction details:

The property on Seaspray Avenue underwent extensive renovations by Bijon Memar before being acquired by Col. Freeman Jones and Anne Beverly McCormack Jones. The landmark property is part of Memar's restoration projects in the area.

Players

Todd Peter
Sotheby's International Realty
Todd Peter
12 deals$277.9M volume
BROKER
Somers Laffey
Brown Harris Stevens
Somers Laffey
1 deal$10.4M volume(908) 342-0951
BROKER

Details

SOLD
IMAGE: Todd Peter & Somers Laffey DATE: 03/27/2024 ADDRESS: 215 Seaspray Avenue MARKET: Palm Beach ASSET TYPE: Single Family BUYER: Col. Freeman Jones & Anne Beverly McCormack Jones SELLER: Bijon Memar BUYER'S REP: Somers Laffey - Brown Harris Stevens (@BrownHarrisStevens) SELLER'S REP: Todd Peter (@ToddPeter) - Sotheby's International Realty (@SothebysRealty) SALE PRICE: $10,400,000 SF: 2,596 ~ PPSF: $4,006 NOTE: A Mediterranean-style house on Seaspray Avenue in Palm Beach sold for $10.4 million to retired Army Col. Freeman Jones and wife Anne Beverly McCormack Jones from Virginia, following extensive renovations by Bijon Memar. The 2,596-square-foot landmark property is part of Memar's restoration projects in the area.

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

$554,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$36,949.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,301.31
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