Ricardo Dunin & Arturo Vidal Acquire Development Site In Brickell, Miami For $7M
SOLD
$7,000,000
+ 1
Florida
See Similar DealsDevelopment Site19,850 SF
Sold 02/02/2022
SOLD
Ricardo Dunin & Arturo Vidal Acquire Development Site In Brickell, Miami For $7M
1621 Southwest 2nd Avenue, Miami, Florida 33129, United States
See Similar DealsDevelopment Site19,850 SF
Sold 02/02/2022
+ 1
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$352
Total Square Footage:19,850 SF
Transaction Type:Sale
The development site located at 1621 SW 2nd Ave in Brickell, Miami has been sold in a closed transaction. The property spans 19,894 square feet and was sold for a price of $7,000,000, resulting in a price per square foot of $352. The total buildable square footage of the site is 124,338, with a price per buildable square foot of $56. The property was previously listed for $8,500,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,000,000
- Address: 1621 SW 2nd Ave, Brickell, Miami
- Market: Brickell, Miami
The buyers of the property were Ricardo Dunin and Arturo Vidal of Oak Capital. The seller of the property was Diego Manfio. Fabio Faerman of FA Commercial represented the seller in the transaction as the seller's representative.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$373,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
Annual Debt Service$398,202.85
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