The Melo Group Acquires Development Site On Biscayne Boulevard For $105M
221 Northeast 17th Street
$105,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 2, 2021
AI
An under-contract development site located at Biscayne Boulevard, Northeast Second Avenue, 221 & 235 Northeast 17th Street in Miami, is set to be sold for a price of $105,000,000. The property spans across 3 acres, making it an attractive investment opportunity for development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $105,000,000
- Address: Biscayne Boulevard, Northeast Second Avenue, 221 & 235 Northeast 17th Street, Miami
- Market: Miami
- Size: 3 acres
The buyer of this development site is The Melo Group, represented by Martin Melo, Carlos Melo, and Jose Luis Ferreira de Melo. On the other hand, the seller is James Goldstein. This substantial transaction showcases the potential growth and opportunities in Miami's real estate market.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93