Miguel Garcia Purchases Development Site From Franco Claret In Miami For $1.81M
1649 Northwest 27th Avenue & 1641 Northwest 27th Avenue
$1,810,000
$64/SF
Building Size
27,920 SF
Asset Type
Development Site
Closing
Nov 4, 2024
AI
The asset involved in this transaction is a development site located at 1649 & 1641 Northwest 27th Avenue, in the Miami market. The sale price for the property was $1,810,000, and it encompasses a total square footage of 13,960, translating to a price per square foot of $129.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,810,000
- Address: 1649 & 1641 Northwest 27th Avenue
- Market: Miami
- Square Footage: 13,960
- Price Per Square Foot: $129
- Buyer: Miguel Garcia
- Seller: Franco Claret
- Broker: Claudio Forgione - Avenew Realty
The individuals involved in this transaction include Miguel Garcia as the buyer and Franco Claret as the seller, facilitating the transfer of ownership of the development site. Claudio Forgione from Avenew Realty acted as the broker representing the seller in this deal.
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
8.76%
Cash-on-Cash
-2.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93