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Apex Capital Realty Acquires Development Site In Downtown Miami For $30M

Property Image
SOLD
$30,000,000

Florida

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Development Site135,000 SF
Sold 08/23/2022
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Property Image
SOLD

Apex Capital Realty Acquires Development Site In Downtown Miami For $30M

222 Northeast 1st Avenue, 50 Northeast 3rd Street & 60 Northeast 3rd Street

See Similar Deals
Development Site135,000 SF
Sold 08/23/2022
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$222
Total Square Footage:135,000 SF
Transaction Type:Sale

An 45,000 square foot development site located at 222 NE 1st Ave & 50 - 60 NE 3rd St in Downtown Miami has been sold for a price of $30,000,000. The property was listed by broker Rani Hussami, CCIM from APEX Capital Reality. The sale price translates to a price per square foot of $667, showcasing the high value of this development site.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $30,000,000
  • Square Footage: 45,000
  • Address: 222 NE 1st Ave & 50 - 60 NE 3rd St
  • Market: Downtown Miami

Rani Hussami, CCIM from APEX Capital Reality represented the seller in this transaction. The sale of this development site demonstrates the strong demand for properties in Downtown Miami. The buyer, seller, landlord, and tenant involved in this deal have not been disclosed in the provided CONTEXT.

Players

Rani Hussami
APEX Capital Realty
Rani Hussami
6 deals$410.7M volume
BROKER

Details

SOLD
IMAGE: Rani Hussami DATE: 08/23/2022 ADDRESS: 222 NE 1st Ave & 50 - 60 NE 3rd St MARKET: Downtown Miami ASSET TYPE: Development Site BROKER: Rani Hussami, CCIM (@RaniHussamiCCIM) - APEX Capital Reality (@ApexCapitalRealty) SALE PRICE: $30,00,0000 SF: 45,000 ~ PPSF: $667

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

$1,600,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66