Updated Dec 4, 2024
Tim Verhey Jr Of Walters Group Purchases Development Site In Lansdale For $1.475M
1500 Pennbrook Parkway
$1,475,000
Building Size
—
Asset Type
Development Site
Closing
Feb 19, 2024
About this deal
AI
An undeveloped 4.1-acre site located at 1500 Pennbrook Parkway in Upper Gwynedd, PA, was recently sold for $1,475,000. The property was acquired by Tim Verhey Jr from Walters Group for the purpose of constructing 60 apartments across several buildings.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $1,475,000
- Buyer: Tim Verhey Jr - Walters Group
- Buyer's Rep: Ted Hozza - Situs Properties
- Seller's Rep: Justin Bell - Newmark
- Address: 1500 Pennbrook Parkway
- Market: Lansdale, PA
- Asset Type: Development Site ~ ACRES: 4.1
Tim Verhey Jr, from Walters Group, finalized the purchase of the property with the assistance of Ted Hozza from Situs Properties. Representing the seller was Justin Bell from Newmark.
On the Map
$1,475,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
10.75%
Cash-on-Cash
-3.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93