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Ohana Trustee LLC Sells Ohana Estate On Longboat Key For $19.75M

Property Image
SOLD
$19,750,000

Florida

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Single Family9,622 SF
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SOLD

Ohana Trustee LLC Sells Ohana Estate On Longboat Key For $19.75M

6633 Gulf of Mexico Drive

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Single Family9,622 SF
Sold
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Summary

FLORIDA
Asset Type:Single Family
Price Per Square Foot:$2052
Total Square Footage:9622 SF
Transaction Type:Sale

A 2.7-acre Single Family property located at 6633 Gulf of Mexico Drive in Longboat Key was recently sold for $19,750,000. The property, known as Ohana Estate, features a total of 9,622 square feet with a price per square foot of $2,053. The sale set a new record in Manatee County, showcasing the demand and value of Longboat Key real estate.

Summary of transaction details:

  • Property Type: Single Family
  • Transaction Amount: $19,750,000
  • Address: 6633 Gulf of Mexico Drive
  • Market: Longboat Key
  • Seller: William Seider, Michael Wilson, Patrick Ryskamp & Thomas B. Luzier - Ohana Trustee LLC
  • Broker: Reid Murphy - Realty LBK Inc
  • SF: 9,622
  • PPSF: $2,053

The deal was facilitated by Reid Murphy from Realty LBK Inc, representing the sellers, Ohana Trustee LLC. The sale of the Ohana Estate not only achieved a significant price but also highlighted the unique Hawaiian-themed design and luxurious amenities present on the property, reflecting the evolving preferences of buyers in the Longboat Key market.

Players

3 deals$43.3M volume
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Details

SOLD
IMAGE: 06/06/2024 ADDRESS: 6633 Gulf of Mexico Drive MARKET: Longboat Key ASSET TYPE: Single Family ~ ACRES: 2.7 SELLER: William Seider, Michael Wilson, Patrick Ryskamp & Thomas B. Luzier - Ohana Trustee LLC BROKER: Reid Murphy - Realty LBK Inc SALE PRICE: $19,750,000 SF: 9,622 ~ PPSF: $2,053 NOTE: A Longboat Key home, Ohana Estate, sold for a record $19.75 million, breaking the previous Manatee County record. The 2.7-acre property, managed by Ohana Trustee LLC, features multiple structures with Hawaiian-themed aesthetics and extensive amenities, highlighting a shift in the Longboat Key real estate market. .Luzier

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

$1,053,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$70,167.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$93,625.08
Annual Debt Service$1,123,500.91