facebook
Traded Co logo
Submit

University Of Miami Acquires Development Site In Miami For $3.05M

Property Image
SOLD
$3,005,000

Florida

See Similar Deals
Development Site16,719 SF
Sold 10/02/2023
the dealplayerscompscontact
Property Image
SOLD

University Of Miami Acquires Development Site In Miami For $3.05M

1608 Northwest 7th Avenue

See Similar Deals
Development Site16,719 SF
Sold 10/02/2023
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$179
Total Square Footage:16,719 SF
Transaction Type:Sale

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

Virgilio Fernandez
Cushman & Wakefield
Virgilio Fernandez
42 deals$222.9M volume(305) 613-4507
BROKER
UM
University of Miami
BUYER

Details

SOLD
IMAGE: Virgilio Fernandez DATE: 10/02/2023 ADDRESS: 1608 Northwest 7th Avenue MARKET: Miami ASSET TYPE: Development Site BUYER: University Of Miami SELLER: Steven Karo BROKERS: Virgilio Fernandez (@Vboundless) - Colliers International (@ColliersInternational) SALE PRICE: $3,005,000 SF: 16,719 ~ PPSF: $180 NOTE FROM BROKER: We are pleased to share that Colliers has successfully facilitated the sale of a development site in the Health District for a total of $3.05 million. This sale comes after a formal listing process that resulted in multiple record-priced offers for the area. Virgilio Fernandez represented the sellers and helped to secure a beneficial contract. If you are looking to acquire or sell a property and need assistance in reaching your investment goals, our team is ready to have a conversation with you. Feel free to reach out to us anytime [email protected]

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$160,266.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,676.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,245.23
Annual Debt Service$170,942.80