Andover Properties Acquires Self Storage Facility In Little Havana, Miami For $26M
641 Northwest 12th Avenue, Miami, Florida 33136, United States
$26,000,000
$233/SF
Building Size
111,573 SF
Asset Type
—
Closing
Feb 7, 2022
About this deal
AI
Located in the vibrant neighborhood of Little Havana in Miami, the self-storage property at 641 NW 12th Ave has recently changed hands in a closed transaction. The property spans an area of 111,573 square feet and boasts a sale price of $26,000,000, resulting in a price per square foot of $233. This acquisition marks an important investment in the self-storage sector for the buyer, Andover Properties.
Summary of transation details
- Property Type: Self Storage
- Transaction Amount: $26,000,000
- Market: Little Havana, Miami
- Address: 641 NW 12th Ave
- Buyer: Andover Properties
- Seller: PGIM Real Estate - Eric Adler
- Square Footage: 111,573
- Price per Square Foot: $233
Representing the seller in this deal was Eric Adler from PGIM Real Estate. This transaction showcases the active real estate market in Little Havana, Miami, and the attractive investment opportunities available in the self-storage sector. Andover Properties' successful acquisition of this property highlights their strategic move to expand their portfolio in this growing market segment.
On the Map
$26,000,000
$233/SF
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Players
Miami CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93