Steve Patterson Of Related Group Acquires South Beach Condo For $10M
SOLD
$10,000,000
+ 2
Florida
See Similar DealsCondo2,792 SF
Sold 03/23/2022
SOLD
Steve Patterson Of Related Group Acquires South Beach Condo For $10M
100 South Pointe Drive, Miami Beach, Florida 33139, United States
See Similar DealsCondo2,792 SF
Sold 03/23/2022
+ 2
Summary
FLORIDA
Asset Type:Condo
Price Per Square Foot:$3,581
Total Square Footage:2,792 SF
Transaction Type:Sale
A luxury condominium located at 100 South Pointe Drive Unit 1201/1202 in South Beach has recently been sold. The condo, spanning 2,792 square feet, was purchased for a total of $10,000,000 at a price per square foot of $3,582. This property offers a stunning view of the surrounding area and boasts a prime location in the South Beach market.
Summary of transaction details:
- Property Type: Condo
- Sale Price: $10,000,000
- Square Footage: 2,792
- Price per Square Foot: $3,582
- Address: 100 South Pointe Drive Unit 1201/1202
- Market: South Beach
The buyer of this upscale condo is Steve Patterson, representing the Related Group. On the other hand, the sellers of the property are Jill Herzog and Jeff Herzog from ZOG Digital. Jeri Jenkins, an agent from Coldwell Banker, acted as the buyer's representative in this transaction. The seller's representation was provided by Eddy Martinez and Roland Oritz from One Sotheby’s International Realty.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22
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