Michael Stern's JDS Development Group Acquires Miami Development Site For $23.5M
SOLD
$23,500,000
Florida
See Similar DealsDevelopment Site10,539 SF
Sold 11/25/2020
SOLD
Michael Stern's JDS Development Group Acquires Miami Development Site For $23.5M
191 Southwest 12th Street, Miami, FL, USA
See Similar DealsDevelopment Site10,539 SF
Sold 11/25/2020
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$2,229
Total Square Footage:10,539 SF
Transaction Type:Sale
191 Southwest 12th Street & 1 Southside Park in Miami has been sold. The development site, consisting of 1,400 units, was purchased by Michael Stern from JDS Development Group for a price of $23,500,000. The property was previously owned by John Polit. The transaction took place on November 25, 2020, and was facilitated by Adrian Sanchez of Waterfront Investment Real Estate acting as the broker.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $23,500,000
- Units: 1,400
- Buyer: Michael Stern - JDS Development Group
- Seller: John Polit
- Broker: Adrian Sanchez - Waterfront Investment Real Estate
The acquisition of 191 Southwest 12th Street & 1 Southside Park in Miami for $23,500,000 was led by Michael Stern from JDS Development Group. John Polit served as the seller in this transaction. Adrian Sanchez, representing Waterfront Investment Real Estate, played a crucial role as the broker in facilitating the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,253,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$83,490.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$111,401.99
Annual Debt Service$1,336,823.87
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