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Richman Group Acquires Development Site In Miami For $3.8M

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Elliot ShainbergDeme MekrasRichard Paul Richman

$3,800,000

SOLD
$3,800,000

Florida

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Development Site30,492 SF
Sold 08/13/2020
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Elliot ShainbergDeme MekrasRichard Paul Richman

$3,800,000

SOLD

Richman Group Acquires Development Site In Miami For $3.8M

2137 Northwest 36th Street, Miami, FL, USA

See Similar Deals
Development Site30,492 SF
Sold 08/13/2020
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$124
Total Square Footage:30,492 SF
Transaction Type:Sale

The asset involved in this transaction is a development site located at 2137 Northwest 36th Street, 3629 & 3645 Northwest 21st Court in Miami. The total transaction price is $3,800,000, with a building square footage of 30,492, resulting in a price per square foot of $125. The site has a total of 105 units.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $3,800,000
  • Address: 2137 Northwest 36th Street, 3629 & 3645 Northwest 21st Court
  • Market: Miami
  • Building Square Footage: 30,492
  • Price Per Square Foot: $125
  • Units: 105
  • Buyer: Richman Group - Richard Paul Richman
  • Seller: The Mark LLC, Global Property Consultants LLC & Rolando Arzola
  • Brokers: Deme Mekras & Elliot Shainberg - MSP Group

Key individuals involved in this transaction include Richard Paul Richman, representing the buyer Richman Group, and the sellers comprising The Mark LLC, Global Property Consultants LLC, along with Rolando Arzola. The brokers facilitating the deal are Deme Mekras and Elliot Shainberg from MSP Group.

Players

6 deals$38.8M volume(786) 671-0155
BROKER


Richard Paul Richman
6 deals$312.7M volume
BUYER

Details

SOLD
IMAGE: Richard Paul Richman, Deme Mekras, & Elliot Shainberg DATE: 08/13/2020 ADDRESS: 2137 Northwest 36th Street, 3629 & 3645 Northwest 21st Court MARKET: Miami ASSET TYPE: Development Site BUYER: Richman Group - Richard Paul Richman SELLER: The Mark LLC, Global Property Consultants LLC & Rolando Arzola BROKERS: Deme Mekras & Elliot Shainberg - MSP Group PRICE: $3,800,000 BSF: 30,492 ~ PPBSF: $125 UNITS: 105

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$202,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$13,500.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,013.94
Annual Debt Service$216,167.26