Fly South RE Acquires Condo Building In Miami For $16M
3258-3266 Bird Road Miami, Florida 33133, USA
$16,000,000
Units
10
Asset Type
Condo
Closing
Jul 9, 2023
About this deal
AI
A 10-unit condo located at 3258-3266 Bird Road in Miami was recently sold for $16 million. The property, known as Pelican Grove, was purchased by Fly South RE LLC, represented by Matthew Lebenson. The seller, 3258 Bird LLC, was represented by Gregory R. Fishman. Each of the 10 units sold for $1.6 million, highlighting the strong rental market in Miami.
Summary of Transaction Details:
- Property Type: Condo
- Transaction Amount: $16,000,000
- Address: 3258-3266 Bird Road
- Market: Miami
- Buyer: Fly South RE LLC - Matthew Lebenson
- Seller: 3258 Bird LLC - Gregory R. Fishman
- Units: 10
- Price Per Unit (PPU): $1,600,000
This sale indicates the high demand for rental properties in Miami, where larger rental options are limited. The purchase of Pelican Grove at such a significant price per unit reflects the strong rental market in the area.
Players
Miami Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Deal FAQ
About $1.6M per unit across 10 units on a published $16M (2023).
Browse Florida condo sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93