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Zachi & Ekaterina Wainstein Acquire Development Site In Miami Beach For $5.5M

Property Image
SOLD
$5,500,000
Alexandra Nikonova
Dora Puig

Florida

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Development Site4,616 SF
Sold 10/01/2021
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Property Image
SOLD

Zachi & Ekaterina Wainstein Acquire Development Site In Miami Beach For $5.5M

2211 Meridian Avenue, Miami Beach, FL 33139

See Similar Deals
Development Site4,616 SF
Sold 10/01/2021
Alexandra Nikonova
Dora Puig
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$1,191
Total Square Footage:4,616 SF
Transaction Type:Sale

A development site located at 2211 Meridian Ave in Miami Beach has been sold for $5,500,000. The site spans 4,616 square feet, with a price per square foot of $1,192. The total buildable square footage is 10,400, with a price per buildable square foot of $529. The transaction took place on October 1, 2021.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $5,500,000
  • Address: 2211 Meridian Ave
  • Market: Miami Beach

The buyer of the development site is Zachi and Ekaterina Wainstein. The seller, Pascal Nicolai, represents Sabal Luxury Builder, which is associated with Sabal Development. Alexandra Nikonova from Florida Realty of Miami Corp served as the buyer's representative in the transaction, while Dora Puig from Luxe Living Realty represented the seller.

Players

Dora Puig
Luxe Living Realty
Dora Puig
86 deals$1.4B volume(305) 613-2118
BROKER
Alexandra Nikonova
Alexandra Nikonova
2 deals$5.9M volume
BROKER
Luxury Living Realty
Luxury Living Realty
BROKERAGE
SB
Sabal Luxury Builder
SELLER
SD
Sabal Development
SELLER

Details

SOLD
IMAGE: Alexandra Nikonova & Pascal Nicolai DATE: 10/01/2021 ADDRESS: 2211 Meridian Ave. MARKET: Miami Beach ASSET TYPE: Development Site BUYER: Zachi & Ekaterina Wainstein SELLER: Pascal Nicolai (@PascalNicolai), Sabal Luxury Builder (@SabalBuilder) - Sabal Development (@SabalDev) BUYER'S REP: Alexandra Nikonova - Florida Realty of Miami Corp. SELLER'S REP: Dora Puig - Luxe Living Realty SALE PRICE: $5,500,000 SF: 4,616 ~ PPSF: $1,192 BSF: 10,400 ~ PPBSF: $529

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

$293,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,540.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,072.81
Annual Debt Service$312,873.67