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
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.
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