Jeffrey L. Gates And Richard Michael Moran Acquire Miami Beach Condo For $13.65M
SOLD
$13,650,000
Florida
See Similar DealsCondo4,154 SF
Sold 03/22/2021
SOLD
Jeffrey L. Gates And Richard Michael Moran Acquire Miami Beach Condo For $13.65M
800 South Pointe Drive, Miami Beach, FL
See Similar DealsCondo4,154 SF
Sold 03/22/2021
Summary
FLORIDA
Asset Type:Condo
Price Per Square Foot:$3,286
Total Square Footage:4,154 SF
Transaction Type:Sale
A condo located at 800 South Pointe Drive Unit 1501 in Miami Beach has been sold. The property spans 4,154 square feet and was sold for $13,650,000, resulting in a price per square foot of $3,286. The seller in this transaction was Ramiro Garza.
Summary of transation details
- Property Type: Condo
- Transaction Amount: $13,650,000
- Square Footage: 4,154
- Price per Square Foot: $3,286
- Address: 800 South Pointe Drive Unit 1501
- Market: Miami Beach
The buyers of the condo are Jeffrey L. Gates from Gates Capital Management and Richard Michael Moran from Douglas Elliman. Representing the buyers in this transaction was Ethan Pickett from Douglas Elliman. On the seller's side, Ramiro Garza was represented by Dora Puig from Luxe Living Realty.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$727,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$48,495.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$64,707.96
Annual Debt Service$776,495.57
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