Alchemy-ABR Investment Partners Acquires Miami Development Site For $18M With Joel BreitKopf, Kenneth Horn & Brian Ray
SOLD
Florida
See Similar DealsDevelopment Site
Sold 10/06/2022
SOLD
Alchemy-ABR Investment Partners Acquires Miami Development Site For $18M With Joel BreitKopf, Kenneth Horn & Brian Ray
18 Northwest 23rd Street
See Similar DealsDevelopment Site
Sold 10/06/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The Salvation Army has sold a development site in Miami for $18,000,000. The site, located at 18 Northwest 23rd Street, spans 0.8 acres. The property is designated as a development site and is planned to be transformed into a 12-story apartment building. The proposed building will feature 186 units, retail spaces, and a parking garage.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $18,000,000
- Address: 18 Northwest 23rd Street
- Market: Miami
- Asset Type: Development Site
- Size: 0.8 acres
The buyer of the property is Alchemy-ABR Investment Partners, represented by Brian Ray, Joel BreitKopf, and Kenneth Horn. The seller in the transaction is The Salvation Army. The lender involved in the deal is Israel Discount Bank.
Players
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$960,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20
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