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114 Northeast 22nd Street

Gonzalo Espinosa Acquires Development Site In Miami For $8M
SOLDDevelopment Site

Gonzalo Espinosa Acquires Development Site In Miami For $8M

114 Northeast 22nd Street & 138 Northeast 22nd Street

$8,000,000

$129/SF

Building Size

61,800 SF

Asset Type

Development Site

Closing

Dec 15, 2023

AI

A development site located at 114-138 Northeast 22nd Street in Miami has been sold for a total price of $8,000,000. The site spans 30,900 square feet, resulting in a price per square foot of $259. The transaction took place on 12/15/2023.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $8,000,000
  • Address: 114-138 Northeast 22nd Street, Miami
  • Market: Miami

Gonzalo Espinosa was the buyer of the development site, while the sellers were William Kelly and Jorge Vidal. Colliers International, represented by Mika Mattingly and Cecilia Estevez, along with Compass, represented by Andres Garcia, facilitated the sale.

Players

Mika Mattingly

Colliers

Broker

$528.8M

vol

34 deals

Broker

William Kelly

Seller

$14.6M

vol

3 deals

Seller

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

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93