Charles Kushner Acquires Development Site In Edgewater, Miami For $37.6M
SOLD
$37,635,000
Florida
See Similar Deals66,287 SF
Sold 01/25/2022
SOLD
Charles Kushner Acquires Development Site In Edgewater, Miami For $37.6M
1900 Biscayne Boulevard, Miami, Florida 33132, United States Units: 1300
See Similar Deals66,287 SF
Sold 01/25/2022
Summary
FLORIDA
Price Per Square Foot:$567
Total Square Footage:66,287 SF
Transaction Type:Sale
The sale of a development site in Edgewater, Miami has recently taken place. The property, located at 1900 Biscayne Blvd, offers a promising investment opportunity in the real estate market. With a total of approximately 1,300 buildable units, the site presents significant potential for development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $37,635,000
- Address: 1900 Biscayne Blvd, Edgewater, Miami
- Market: Edgewater, Miami
- Units: 1,300 (Approx.) Buildable Units
Charles Kushner, representing Kushner Companies, acted as the buyer in this transaction. On the other hand, Enrique Manhard & Partners took on the role of the seller. The deal was facilitated by Estrella Perez from EP Realty Group, who represented the buyer's interests throughout the negotiation process.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,007,199.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$133,709.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$178,409.10
Annual Debt Service$2,140,909.21
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