Updated Dec 12, 2024
The Sabet Group Acquires Development Site In Miami, FL For $14.3M
1600 NE 2nd Ave, Miami, Florida 33132, United States
$14,300,000
$583/SF
Building Size
24,500 SF
Asset Type
Development Site
Closing
Sep 20, 2022
About this deal
AI
The development site located at 1600 NE 2nd Ave in Miami, FL has been sold. The transaction took place on September 21, 2022, for a sale price of $14,300,000. The property spans 24,500 square feet and was sold for a price per square foot of $584. The buyer of the property is The Sabet Group. The deal was facilitated by Ruben Ruban from SVN Commercial Partners.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $14,300,000
- Address: 1600 NE 2nd Ave, Miami, FL
- Square Footage: 24,500
- Price per Square Foot: $584
- Buyer: The Sabet Group
- Broker: Ruben Ruban - SVN Commercial Partners
This sale represents a significant opportunity for The Sabet Group, as they acquire a development site in a prime location in Miami. The transaction was managed by Ruben Ruban, a representative from SVN Commercial Partners, who played a crucial role in facilitating the deal between the buyer and the seller.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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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