Updated Feb 23, 2026
Humberto Ramirez Purchases Development Site From Jerry Padron In Miami Beach For $6.18M
1700 Bay Drive
$6,183,000
$1,972/SF
Building Size
3,135 SF
Asset Type
Development Site
Closing
Feb 17, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 1700 Bay Drive in the Miami Beach market. The sale price for this asset was $6,183,000, with a total square footage of 3,135, leading to a price per square foot of $1,972.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,183,000
- Address: 1700 Bay Drive
- Market: Miami Beach
- Square Footage: 3,135
- Price per Square Foot: $1,972
- Buyer: Humberto Ramirez
- Seller: Jerry Padron
- Brokers: Giovanni Mancini & Mina Taskiran - Sotheby's International Realty
Giovanni Mancini and Mina Taskiran, representing the buyer and seller in this deal, emphasized their hands-on approach and dedication to driving successful outcomes for their clients. They noted the importance of diversifying listings outside traditional agent networks to foster market evolution.
On the Map
$6,183,000
$1,972/SF
Development Site
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Players
Miami Beach 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
2.57%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93