DWNTWN Realty Advisors Sells Development Site In Miami's Wynwood Neighborhood For $24M
SOLD
$24,000,000
Florida
See Similar DealsDevelopment Site27,406 SF
Sold 09/22/2023
SOLD
DWNTWN Realty Advisors Sells Development Site In Miami's Wynwood Neighborhood For $24M
2215 Northwest 1st Place
See Similar DealsDevelopment Site27,406 SF
Sold 09/22/2023
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$875
Total Square Footage:27,406 SF
Transaction Type:Sale
A development site located at 2215 Northwest 1st Place in Miami has recently been sold for a price of $24,000,000. The property spans a total area of 27,406 square feet, with a price per square foot of $876. The transaction took place on September 22, 2023, involving the seller Baron Wynwood.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $24,000,000
- Address: 2215 Northwest 1st Place, Miami
- Square Footage: 27,406
- Price per Square Foot: $876
- Seller: Baron Wynwood
The deal was facilitated by brokers Devlin Marinoff and Tony Arellano from DWNTWN Realty Advisors. Legal representation for the transaction was provided by Charlie Ratner from Charlie Ratner Law.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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