Felix Sabates, Sr. & Carmen Sabates Acquire 3-Bedroom Condo In Key Biscayne For $2.9M
881 Ocean Drive, Key Biscayne, FL, USA
$2,925,000
$937/SF
Building Size
3,120 SF
Asset Type
—
Closing
Nov 17, 2021
AI
A record-breaking "off market" transaction has taken place in Key Biscayne's Casa Del Mar. The property involved is a spacious corner unit located at 881 Ocean Drive Unit 13H, a coveted and rarely available "H" Line. This three-bedroom condo offers stunning and unobstructed views of the Atlantic Ocean, Downtown Miami, and Key Biscayne beach. Spanning approximately 3,120 square feet (adj.), this unit provides ample living space and features large balconies to enjoy breathtaking sunrises and sunsets. The sale price for this exceptional property was $2,925,000, with an asking price of $2,950,000. This transaction marks the highest sale price for a three-bedroom unit in Casa Del Mar.
Summary of transation details
- Property Type: Condo
- Transaction Amount: $2,925,000
- Address: 881 Ocean Drive Unit 13H
- Market: Key Biscayne
Jacqueline M. Cabrera of One Sotheby's International Realty represented both the buyer and seller in this successful deal. Congratulations to both Felix Sabates, Sr. & Carmen Sabates who purchased the unit, and Beatriz Olivera, the seller. Cabrera ensured a smooth closing and facilitated an excellent transaction process for her clients.
Key Biscayne 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
5.42%
Cash-on-Cash
-1.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93