David Weisburd Acquires Downtown Miami Condo For $4.375M With Brokers Seth Semilof & Kamal Hotchadani Of HL Real Estate Group And Ivan Ramirez Of One Sotheby's International Realty
SOLD
$4,375,000
+ 4
Florida
See Similar Deals4,083 SF
Sold 02/17/2022
SOLD
David Weisburd Acquires Downtown Miami Condo For $4.375M With Brokers Seth Semilof & Kamal Hotchadani Of HL Real Estate Group And Ivan Ramirez Of One Sotheby's International Realty
851 Northeast 1st Avenue
See Similar Deals4,083 SF
Sold 02/17/2022
+ 4
Summary
FLORIDA
Price Per Square Foot:$1,071
Total Square Footage:4,083 SF
Transaction Type:Sale
A luxury condominium unit located at 851 NE 1st Ave PH 5201 in Downtown Miami has recently been sold. The condo spans across 4,083 square feet and offers breathtaking views of the city. The property was sold for a price of $4,375,000, resulting in a price per square foot of $1,072.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $4,375,000
- Address: 851 NE 1st Ave PH 5201, Downtown Miami
- Market: Downtown Miami
The buyer of this exquisite condo is David Weisburd. Seth Semilof and Kamal Hotchadani from HL Real Estate Group, along with Ivan Ramirez from One Sotheby's International Realty, represented the buyer in this transaction.
It is noteworthy that the property was listed with an asking price of $4,500,000. However, the final sale price negotiated was $4,375,000, demonstrating the buyer's keen negotiation skills. This closed deal highlights the demand for luxury condos in the Downtown Miami market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$233,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,543.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,739.73
Annual Debt Service$248,876.78
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