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Olumide Larry Ogunjobi & James Luthardt Acquire Development Site In Miami Beach

Property Image
SOLD
$6,000,000

Florida

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Development Site10,890 SF
Sold 07/16/2024
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Property Image
SOLD

Olumide Larry Ogunjobi & James Luthardt Acquire Development Site In Miami Beach

1141 North Biscayne Point Road

See Similar Deals
Development Site10,890 SF
Sold 07/16/2024
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$551
Total Square Footage:10,890 SF
Transaction Type:Sale

The property located at 1141 North Biscayne Point Road in Miami Beach is a development site spanning 10,890 square feet with a sale price of $6,000,000. The price per square foot is $551, and the building square footage is 5,445, resulting in a price per building square foot of $1,102.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $6,000,000
  • Buyer: Olumide Larry Ogunjobi & James Luthardt
  • Seller: Roger Alter
  • Buyer's Representative: Jordan Karp - Jordan Karp LLC; Isai Cetoute
  • Seller's Representative: Joel Lusky - The Brokerage South Florida Real Estate
  • Market: Miami Beach
  • Square Footage: 10,890
  • Price Per Square Foot: $551
  • Building Square Footage: 5,445
  • Price Per Building Square Foot: $1,102

The deal involved Olumide Larry Ogunjobi, James Luthardt, Jordan Karp, Isai Cetoute, and Joel Lusky. Jordan Karp represented the buyers through Jordan Karp LLC, while Isai Cetoute was also involved in the buyer's representation. On the other side, Joel Lusky, from The Brokerage South Florida Real Estate, represented the seller, Roger Alter.

Players

Joel Lusky
44 deals$422.7M volume
BROKER

Jordan Karp
51 deals$707.7M volume(305) 610-1689
BROKER

Isai Cetoute
1 deal$6M volume
BROKER

Details

SOLD
IMAGE: Olumide Larry Ogunjobi, James Luthardt, Jordan Karp, Isai Cetoute & Joel Lusky DATE: 07/16/2024 ADDRESS: 1141 North Biscayne Point Road MARKET: Miami Beach ASSET TYPE: Development Site BUYER: Olumide Larry Ogunjobi (@Olumide) & James Luthardt (@Luthardt11) SELLER: Roger Alter BUYER;S REP: Jordan Karp (@JayKarp) - Jordan Karp LLC (@JordanKarpLLC); Isai Cetoute (@_IsaiahCetoute) SELLER'S REP: Joel Lusky (@JoelLusky) - The Brokerage South Florida Real Estate (@TheBrokerage_RE) SALE PRICE: $6,000,000 SF: 10,890 ~ PPSF: $551 BSF: 5,445 ~ PPBSF: $1,102

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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)-$21,316.74
Cash-on-Cash Return-1.27%
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