Visions At Brickell Acquires Development Site In Miami For $8.5M
1120 SW 3 Ave, 1130 Southwest 3rd Avenue & 1136 Southwest 3rd Avenue
$8,500,000
Building Size
—
Asset Type
Development Site
Closing
Dec 19, 2023
AI
A development site located at 1120, 1130 & 1136 Southwest 3rd Avenue in Miami has been sold. The property was purchased by Visions at Brickell from Ultimate Properties for a sale price of $8,500,000. The transaction took place on 12/19/2023. The development site offers potential for future development in Miami's real estate market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,500,000
- Address: 1120, 1130 & 1136 Southwest 3rd Avenue
- Market: Miami
Ashley Alvarez and William Alvarez from Sterling One Realty served as the brokers in this transaction, representing both the buyer, Visions at Brickell, and the seller, Ultimate Properties. Their expertise and attention to detail ensured a smooth sale of the property. The Alvarez Group, founded by William and Ashley Alvarez, is known for their strategic negotiations and market insights in Miami's real estate market. They can be reached at 305-285-2322 for any investment opportunities in the area.
Please note that the sale price of $8,500,000 was confirmed in the transaction, demonstrating the successful outcome of the deal.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93