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Edgewater 24 Apartments LP Acquires Land In Miami For $7.2M

Property Image
SOLD
$7,200,000

Florida

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7,300 SF
Sold 10/06/2021
the dealplayerscompscontact
Property Image
SOLD

Edgewater 24 Apartments LP Acquires Land In Miami For $7.2M

116 NE 24th St, Miami, FL, USA

See Similar Deals
7,300 SF
Sold 10/06/2021
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Price Per Square Foot:$986
Total Square Footage:7,300 SF
Transaction Type:Sale

The sale of a land property located at 116 NE 24th St in Miami has been completed. The property was acquired by Edgewater 24 Apartments LP from the seller, Jose Carrera, for a total sale price of $7,200,000. The transaction took place on 10/07/2021.

Summary of transaction details

  • Property Type: Land
  • Transaction Amount: $7,200,000
  • Address: 116 NE 24th St, Miami

Edgewater 24 Apartments LP acted as the buyer in this transaction, while Jose Carrera was the seller. The deal signifies a significant investment in the Miami market.

Players

JC
Jose Carrera
7 deals$38.3M volume
SELLER

Details

SOLD
IMAGE: 10/07/2021 ADDRESS: 116 NE 24th St MARKET: Miami ASSET TYPE: Land BUYER: Edgewater 24 Apartments LP SELLER: Jose Carrera SALE PRICE: $7,200,000

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

$384,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$25,580.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,131.67
Annual Debt Service$409,580.08