Mango Studios USA Leases Special Purpose Property In Miami For $30/ft
7924 Northeast 2nd Avenue, Miami, Florida 33137, United States
Building Size
8,832 SF
Asset Type
—
Closing
Apr 30, 2022
About this deal
AI
A special purpose property located at 7924 NE 2nd Ave in Miami has been leased to Mango Studios USA. The lease, facilitated by Burton Wilkins III and Ty Forkner of One Sothebys International Realty, was signed on May 1, 2022, for a term of 5 years. The property spans 8,832 square feet, with an asking rent of $30 per square foot. The lease type is a NNN lease.
Summary of transaction details
- Property Type: Special Purpose
- Transaction Date: 05/01/2022
- Address: 7924 NE 2nd Ave, Miami
- Landlord: Doug Levine
- Tenant: Mango Studios USA
- Broker: Burton Wilkins III & Ty Forkner - One Sothebys International Realty
The deal was brokered by Burton Wilkins III and Ty Forkner from One Sothebys International Realty. Both brokers played a significant role in facilitating the lease between landlord Doug Levine and tenant Mango Studios USA. The lease terms were negotiated for a period of 5 years, with an asking rent of $30 per square foot under a NNN lease agreement.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93