Related Group Acquires Development Site In North Miami From IMC Equity Group For $13.6M
SOLD
$13,600,000
Florida
See Similar DealsDevelopment Site
Sold 10/25/2022
SOLD
Related Group Acquires Development Site In North Miami From IMC Equity Group For $13.6M
1650 NE 124 St, North Miami, Florida 33181, United States
See Similar DealsDevelopment Site
Sold 10/25/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The development site located at 1650 NE 124 Street in North Miami has been sold for a total of $13,600,000. The property spans approximately 3 acres and is considered a valuable asset in the real estate market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $13,600,000
- Address: 1650 NE 124 Street, North Miami
- Market: North Miami
- Buyer: Related Group - Jon Paul & Jorge Pérez
- Seller: IMC Equity Group - Yoram Izhak
The acquisition was made by the Related Group, represented by Jon Paul and Jorge Pérez. They purchased the property from the IMC Equity Group, with Yoram Izhak as their representative. This transaction marks an important deal in the North Miami market, adding to the Related Group's portfolio.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$725,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$48,317.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$64,470.94
Annual Debt Service$773,651.26
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