Property Listings
416 units for sale Boynton beach assumable financing deal
Sandpiper Cove is ideally located on Gateway Boulevard, a major east/west corridor in Palm Beach County that has roughly 41,500 cars daily and provides convenient access to Quantum Business Park (1.1 miles), an 800,000 sq.ft. office/distribution warehouse center. The property also provides convenient access to I-95 (2.0 miles) and the Florida Turnpike (6.1 miles via Boynton Beach Blvd). These transportation corridors connect Sandpiper Cove to the major employment centers of West Palm Beach, Boca Raton and Ft. Lauderdale.
Sandpiper Cove provides an investor the opportunity to assume the existing financing that is currently in place. Currently, the property has three Freddie Mac Loans totaling approximately $29,390,000 in outstanding debt with a combined interest rate of 5.922% and a 30-year amortization. Assuming this debt alleviates the volatility of the current credit markets and provides an investor the ability to obtain attractive agency debt which has been limited due to the tightening of current credit standards.
Year Built 1989
No. of Units 416
Total SF 436,164
Avg Size (SF) 1,048
No. of Buildings 40
Parking 616
Surface and 128 Garages
Occupancy 95.2%
Eff Rent $928
Eff Rent PSF $0.88
Pro Forma NOI $2,638,226
Price UNPRICED
LOAN SUMMARY
Lender:Freddie Mac Type: 3 Assumable Loans
Maturity Date: September 1, 2015
Current Balance: $29,390,422
Interest Rate: 5.922%
Monthly Payment: $183,277
HIGHLIGHTS
Attractive Assumable Financing
Stabilized Asset with Proven Historical Performance
Excellent Drive-by Visibility
Substantial Discount to Replacement Costs
Proximity to Major Employment and Solid Retail Dynamics
Below Replacement Costs and Infill Location
