SB Development Acquires Edgewater Condo On Northeast 19th Street For $12M
419 Northeast 19th Street
$12,000,000
Units
13
Asset Type
Condo
Closing
Aug 19, 2022
About this deal
AI
A condominium unit located at 419 Northeast 19th Street in Edgewater, has been sold for a total price of $12,000,000. The sale took place on August 19, 2022. The property consists of 13 units, resulting in a price per unit of $923,077. The buyer of the condo is SB Development, represented by Joseph Stern. The lender involved in the transaction is Rok Lending.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $12,000,000
- Units: 13
- Price Per Unit: $923,077
SB Development, led by Joseph Stern, successfully acquired the condominium at 419 Northeast 19th Street in Edgewater. The sale transaction was facilitated with the support of lender Rok Lending. This transaction showcases the successful collaboration between these key stakeholders in the real estate market.
Players
Miami Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Deal FAQ
About $923.1K per unit across 13 units on a published $12M (2022).
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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