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Lotus Endowment Fund Inc Acquires Development Site From Jorge Miller In Miami For $1.6M

Property Image
SOLD
$1,600,000
Fabian Garcia-Diaz
Silvina Disla

Florida

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Development Site
Sold 05/23/2024
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Property Image
SOLD

Lotus Endowment Fund Inc Acquires Development Site From Jorge Miller In Miami For $1.6M

1453 Northwest 2nd Avenue

See Similar Deals
Development Site
Sold 05/23/2024
Fabian Garcia-Diaz
Silvina Disla
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

Development Site located at 1453 Northwest 2nd Avenue in Miami was sold for $1,600,000. The asset spans 16,950 Sq Ft and sits in the City of Miami, facing the upcoming "Underdeck Park."

Summary of transation details:

  • Property Type: Development Site
  • Transaction Amount: $1,600,000
  • Address: 1453 Northwest 2nd Avenue
  • Market: Miami

Fabian Garcia Diaz and Silvina Disla of One Sotheby's International Realty played crucial roles in the deal, representing both the Buyer and Sellers. The sale involved 8 lots in Town Square, presenting a potential development opportunity with an added value of $94 per Sq Ft.

Players

Fabian Garcia-Diaz
Sotheby's International Realty
Fabian Garcia-Diaz
9 deals$61.5M volume(305) 785-8013
BROKER
Silvina Disla
Sotheby's International Realty
Silvina Disla
1 deal$1.6M volume(201) 334-7703
BROKER

Details

SOLD
IMAGE: Fabian Garcia-Diaz & Silvina Disla DATE: 05/23/2024 ADDRESS: 1453 Northwest 2nd Avenue MARKET: Miami ASSET TYPE: Development Site BUYER: Lotus Endowment Fund Inc SELLER: Jorge Miller BROKERS: Fabian Garcia-Diaz (@KleerandGarciaDiaz) & Silvina Disla (@Silvinarealtor) - One Sotheby's International Realty (@Onesir) SALE PRICE: $1,600,000 NOTE FROM BROKERS: "FABIAN GARCIA DIAZ TEAM FACILITATES $ 1.6 Mill SALE OF 8 LOTS IN TOWN SQUARE" One Sotheby's, top senior agents Fabian Garcia Diaz and Silvina Disla brokered the successful sale of 16,950 Sq Ft vacant land in the City of Miami. Fronting the future "Underdeck Park" Both agents represented Buyer and Sellers. The added value of $94 per Sq Ft reflects 8 contiguous lots potential development.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$85,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$5,684.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,584.82
Annual Debt Service$91,017.80