Melo Group Acquires Development Site On Biscayne Boulevard In Miami For $16.3M
1776 Biscayne Boulevard
$16,295,000
Building Size
—
Asset Type
Development Site
Closing
Dec 6, 2023
AI
The Melo Group has acquired a development site located at 1776 Biscayne Boulevard in Miami. The property, which includes 953 transferable units and 400,000 square feet of development rights, was sold by Stiles. The sale price for this transaction was $16,295,000, marking the largest sale ever recorded of development density in the City of Miami.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $16,295,000
- Buyer: Melo Group
- Seller: Stiles
- Brokers: Alex Suarez & Joel Rodriguez - Global Investments Realty
Global Investments Realty facilitated the sale of the property, representing both the buyer, Melo Group, and the seller, Stiles. Alex Suarez and Joel Rodriguez of Global Investments Realty served as the brokers in this transaction.
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
0.97%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93