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Juan Zuluaga & John Naranjo Broker $9.6M Key Biscayne Condo Sale

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SOLD
$9,600,000

Florida

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Condo3,791 SF
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Juan Zuluaga & John Naranjo Broker $9.6M Key Biscayne Condo Sale

360 Ocean Drive

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Condo3,791 SF
Sold
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Summary

FLORIDA
Asset Type:Condo
Price Per Square Foot:$2532
Total Square Footage:3791 SF
Transaction Type:Sale

Unit 601S at 360 Ocean Drive in Key Biscayne was sold for $9.6 million, representing a price per square foot of $2,532. This condo features two bedrooms, a third room with an en suite bathroom, three full baths, a powder room, a kitchen with high-end appliances, a spacious living room, and a large balcony. Oceana, renowned for its resort-style amenities and oceanfront location, offers beach service, a pool with cabana, and luxurious living spaces.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $9,600,000
  • Address: 360 Ocean Drive Unit 601S
  • Market: Key Biscayne
  • Square Footage: 3,791

John Naranjo from Fortune Christie's International Real Estate served as the buyer's representative in the deal, while Juan Zuluaga from Coldwell Banker represented the seller. The property, initially listed at $2,999,999 in March, showcases luxury living spaces and resort-style amenities, making it an attractive investment in the Key Biscayne market.

Players

Juan "Zulu" Zuluaga
4 deals$33.5M volume(850) 803-1383
BROKER

Details

SOLD
IMAGE: Juan Zuluaga DATE: 04/26/2024 ADDRESS: 360 Ocean Drive Unit 601S MARKET: Key Biscayne ASSET TYPE: Condo BUYER'S REP: John Naranjo - Fortune Christie's International Real Estate (@FortuneInternationalRealty) SELLER'S REP: Juan Zuluaga (@Zulu305) - Coldwell Banker (@ColdwellBanker) SALE PRICE: $9,600,000 SF: 3,791 ~ PPSF: $2,532 NOTE: Unit 601S at 360 Ocean Drive in Key Biscayne was sold for $9.6 million, representing a price per square foot of $2,532. Oceana, known for its resort-style amenities and oceanfront location, is highly desired in the area, offering beach service, a pool with cabana, and luxurious living spaces. This property features two bedrooms plus a third room with an en suite bathroom, three full baths, a powder room, a kitchen with high-end appliances, a spacious living room, and a large balcony. It was initially listed at $2,999,999 in March.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$511,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$34,106.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,508.90
Annual Debt Service$546,106.77