Updated Dec 4, 2024
University Of Miami Acquires Development Site In Miami For $3.05M
1608 Northwest 7th Avenue
$3,005,000
$179/SF
Building Size
16,719 SF
Asset Type
Development Site
Closing
Oct 2, 2023
About this deal
AI
A development site in the Health District of Miami has been sold for a total of $3.05 million. The property, located at 1608 Northwest 7th Avenue, spans 16,719 square feet. The sale price equates to a price per square foot of $180. The University Of Miami purchased the site from Steven Karo.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $3,005,000
- Address: 1608 Northwest 7th Avenue
- Market: Miami
Virgilio Fernandez from Colliers International represented Steven Karo in the deal. Fernandez played a pivotal role in securing a beneficial contract for the seller. Colliers employed a formal listing process which resulted in multiple record-priced offers. This transaction marks a successful achievement for Colliers in the real estate market.
Players
Homestead 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
5.28%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93