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17801 Northwest 2nd Place

Updated Dec 4, 2024

Vous Church Acquires 100K SF Sanctuary In Miami Gardens For $12M
SOLDChurch

Vous Church Acquires 100K SF Sanctuary In Miami Gardens For $12M

17801 Northwest 2nd Place

$12,000,000

$120/SF

Building Size

100,000 SF

Asset Type

Church

Closing

Jan 29, 2024

About this deal

AI

A church located at 17801 Northwest Second Avenue in Miami Gardens has been sold for $12 million. The 100,000-square-foot sanctuary was acquired by Vous Church, led by Pastor Rich Wilkerson Jr., and DawnCheré Wilkerson from Trinity Church. The buyer assumed a $9.6 million mortgage from the seller, with the lender being Assemblies of God Loan Fund.

Summary of transaction details

  • Property Type: Church
  • Transaction Amount: $12,000,000
  • Address: 17801 Northwest Second Avenue
  • Market: Miami Gardens
  • Acres: 9
  • Square Footage: 100,000
  • Price Per Square Foot: $120
  • Buyer: Rich Wilkerson Jr. & DawnCheré Wilkerson - Vous Church
  • Seller: Trinity Church
  • Lender: Assemblies of God Loan Fund

Vouz Church, founded in 2015 as a youth ministry at Trinity Church, expanded to Miami Gardens with the acquisition of this 100,000-square-foot sanctuary. The church purchased the property for $12 million, assuming a $9.6 million mortgage from the seller. The lender involved in the transaction was the Assemblies of God Loan Fund.

Players

Assemblies of God Loan Fund
Assemblies of God Loan FundLender

Miami Church Market Snapshot

Boundary boundary · Church · Sale transactions

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Deal FAQ

About $120 per square foot on a published $12M for 100,000 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.32%

Cash-on-Cash

-0.38%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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