Updated Oct 15, 2026
Precious Achiuwa Acquires Two-Bedroom Condo In Miami For $1,840,000 From David Martin And Michael Simkins
3501 Northeast 1st Avenue
$1,840,000
Units
338
Asset Type
Condo
Closing
Oct 14, 2026
About this deal
AI
A two-bedroom condo located at 3501 Northeast 1st Avenue in Miami, FL has been placed under contract for $1,840,000. This residential asset is part of the luxury Jean-Georges Miami Tropic Residences, a development by Terra and Lion Development Group which includes a total of 338 units and offers over 80,000 square feet of wellness, fitness, dining, and leisure amenities.
Summary of transation details:
- Property Type: Condo
- Transaction Amount: $1,840,000
- Buyer: Precious Achiuwa
- Seller: David Martin - Terra
- Seller: Michael Simkins - Lion Development Group
- Date: 10/14/2026
- Market: Miami, FL
The transaction involves Sacramento Kings forward Precious Achiuwa as the buyer, while David Martin represents Terra and Michael Simkins represents Lion Development Group in the sale. The property is strategically situated between Miami’s Design District and Midtown, enhancing its accessibility to various urban amenities.
On the Map
$1,840,000
Condo
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Miami Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.62%
Cash-on-Cash
-2.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93