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851 Northeast 1st Avenue

Anthony Nucci's Client Acquires Luxury Condo In Downtown Miami For $1.95M
SOLD

Anthony Nucci's Client Acquires Luxury Condo In Downtown Miami For $1.95M

851 Northeast 1st Avenue

$1,950,000

$975,000/SF

Building Size

2 SF

Asset Type

Closing

Dec 22, 2022

AI

Located in Downtown Miami, this luxury condo at 851 NE 1st Avenue was recently sold in an off-market deal. The transaction was facilitated by Anthony Nucci of Douglas Elliman, who represented both the tenant and the investor. With a sale price of $1,950,000, this 2,100 square-foot property offers a prime location and impressive features. The condo stands out in the market with a price per square foot of $929, showcasing its value for discerning buyers.

Summary of transaction details

  • Property Type: Condo
  • Transaction Amount: $1,950,000
  • Address: 851 NE 1st Avenue
  • Market: Downtown Miami
  • Broker: Anthony Nucci - Douglas Elliman
  • Square Footage: 2,100 sq ft
  • Price per Square Foot: $929

This successful deal is a testament to Anthony Nucci's expertise in the luxury market and his ability to navigate off-market transactions. Having represented the tenant and ultimately finding the investor to acquire the property, Nucci's role was instrumental in bringing the deal to fruition. He has demonstrated his prowess in the development, with this being his third deal in the past year. Nucci Real Estate, known for specializing in working with athletes and the luxury market in Miami, Florida, and Detroit, Michigan, has gained the trust of renowned talent agency WME, further cementing their reputation in the industry.

Players

Anthony Nucci

Douglas Elliman

Broker

$17.5M

vol

6 deals

Broker

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

8.13%

Cash-on-Cash

-2.32%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93