Harvey Hernandez's Newgard Development Group Acquires Development Site In Miami For $50.5M
SOLD
$50,500,000
Florida
See Similar DealsDevelopment Site25,063 SF
Sold 09/15/2021
SOLD
Harvey Hernandez's Newgard Development Group Acquires Development Site In Miami For $50.5M
99 Southwest 7th Street, Miami, FL 33130
See Similar DealsDevelopment Site25,063 SF
Sold 09/15/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$2,014
Total Square Footage:25,063 SF
Transaction Type:Sale
A development site located at 99 Southwest Seventh Street in Miami has been sold for a total price of $50,500,000. The site spans approximately 1.6 acres in size, making it a valuable asset for potential development projects.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $50,500,000
- Address: 99 Southwest Seventh Street, Miami
- Market: Miami
- Buyer: Harvey Hernandez - Newgard Development Group
- Seller: Benzol Properties - Bernard & Jerome Herskowitz
- Broker: Fortune International Realty
The buyer of the property is Harvey Hernandez, representing the Newgard Development Group. The seller, on the other hand, is Benzol Properties, with Bernard & Jerome Herskowitz as their representatives in the transaction. Fortune International Realty acted as the broker for the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,693,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$179,415.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$239,395.76
Annual Debt Service$2,872,749.17
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