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Mikhail Mudrik Of The Agency Represents Sale Of Miami Beach Condo For $2.85M

Property Image
SOLD
$2,850,000

Florida

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Condo1,602 SF
Sold 05/13/2025
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Property Image
SOLD

Mikhail Mudrik Of The Agency Represents Sale Of Miami Beach Condo For $2.85M

8701 Collins Avenue

See Similar Deals
Condo1,602 SF
Sold 05/13/2025
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Condo
Price Per Square Foot:$1,779
Total Square Footage:1,602 SF
Transaction Type:Sale

The property asset involved in this transaction is a condo located at 8701 Collins Avenue in Miami Beach. The sale price for the condo was $2,850,000, with a total square footage of 1,602, leading to a price per square foot of $1,779.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $2,850,000
  • Address: 8701 Collins Avenue
  • Market: Miami Beach
  • Square Footage: 1,602
  • Price Per Square Foot: $1,779
  • Broker: Mikhail Mudrik - The Agency

This transaction involved Mikhail Mudrik from The Agency, who represented the client. The client was engaged in a 1031 exchange and required over 30 days to complete the process. To navigate this condition, a reverse 1031 exchange was structured, allowing the client to satisfy the cash closing requirement while still deferring capital gains taxes.

Players

Mikhail Mudrik
The Agency
Mikhail Mudrik
21 deals$90.5M volume
BROKER

Details

SOLD
IMAGE: Mikhail Mudrik DATE: 5/14/2025 ADDRESS: 8701 Collins Avenue MARKET: Miami Beach ASSET TYPE: Condo BROKER: Mikhail Mudrik (@Mr.Mudrik) - The Agency (@TheAgencyRE) SALE PRICE: $2,850,000 SF: 1 602 ~ PPSF: $1 779 NOTE FROM BROKER: I’d like to share a recent experience that shows how creativity can make all the difference in a deal. I just helped a client close on a stunning condo at 87 Park — a full-service luxury building by Renzo Piano. Here’s the story: We negotiated over 12% off the initial asking price. But the client was already in a 1031 exchange and needed more than 30 days to complete the process. The only way to secure that discounted price was to close in 30 days — and in cash. So, I got creative. We structured a reverse 1031 exchange, which allowed the client to buy now, sell later, and still defer all capital gains taxes. That’s how we made this deal happen.

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

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,125.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,510.45
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