Joseph Ehrman's Optimum Property Management Acquires 35-Unit Multifamily In Miami For $8.5M
SOLD
$8,500,000
Florida
See Similar DealsDevelopment Site18,750 SF
Sold 12/29/2021
SOLD
Joseph Ehrman's Optimum Property Management Acquires 35-Unit Multifamily In Miami For $8.5M
1315 Northeast Miami Court, Miami, FL 33132
See Similar DealsDevelopment Site18,750 SF
Sold 12/29/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$453
Total Square Footage:18,750 SF
Transaction Type:Sale
The multifamily property located at 1315 NE Miami Court in Miami has been sold for a total of $8,500,000. The transaction took place on December 29, 2021. The property consists of 35 units with an average price per unit of $242,857. It has a total square footage of 18,500, with a price per square foot of $459.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $8,500,000
- Units: 35
- Price per Unit: $242,857
- Square Footage: 18,500
- Price per Square Foot: $459
The buyer of the property is Joseph Ehrman, representing Optimum Property Management. The seller is Randy Levine. The deal was brokered by David Cohen and Arthur Porosoff from Porosoff Group - Compass.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$453,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04
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