Updated Dec 12, 2024
The Sabet Group Acquires Development Site In Edgewater For $14.3M
1600 NE 2nd Ave
$14,300,000
$583/SF
Building Size
24,500 SF
Asset Type
Development Site
Closing
Sep 21, 2022
About this deal
AI
The Sabet Group has acquired a development site located at 1600 NE 2nd Ave in the Edgewater market. The property spans a total of 24,500 square feet and was sold for a price of $14,300,000. This translates to a price per square foot of $584. The site has a buildable square footage of 220,000, resulting in a price per buildable square foot of $65.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $14,300,000
- Address: 1600 NE 2nd Ave
- Market: Edgewater
Ruben Ruban from SVN Commercial Partners represented The Sabet Group in this transaction.
Players
Miami Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93