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.
On the Map
$12,000,000
$120/SF
Church
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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