Victor Benitez Of Verium Investments LLC Acquires Hialeah Ford Dealership From Machado Trust For $19.35M
1200 West 49th Street
$19,350,000
$369/SF
Building Size
52,392 SF
Asset Type
Commercial
Closing
Sep 6, 2024
AI
The commercial property located at 1200 West 49th Street in Hialeah spans 5.7 acres and encompasses a total square footage of 52,392. The transaction price for this asset was $19,350,000, translating to a price per square foot of $369.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: $19,350,000
- Buyer: Victor Benitez - Verium Investments LLC
- Seller: Lilliam Machado & Myra Dewhurst - The Gus Machado Revocable Trust
- Lender: National Bank of Florida
- Mortgage Amount: $15,480,000
- Year Benitez became majority owner of Gus Machado Ford: 2023
The Machado family completed the sale of the property, which formerly housed their Hialeah Ford dealership, to Victor Benitez. Additionally, Benitez signed a lease for the property as part of the transaction.
Players
Hialeah Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.82%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93