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Overtown Associates LLC Acquires Development Site In Overtown For $5.19M

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SOLD
$5,190,000

Florida

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Development Site4,127 SF
Sold 03/31/2020
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Property Image
SOLD

Overtown Associates LLC Acquires Development Site In Overtown For $5.19M

226 Northwest 10th Street, Overtown, Miami, FL, USA

See Similar Deals
Development Site4,127 SF
Sold 03/31/2020
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$1,257
Total Square Footage:4,127 SF
Transaction Type:Sale

A development site located at 226 NW 10th St in Overtown has been sold for a price of $5,190,000. The property, measuring 72,252 square feet, was acquired by Overtown Associates LLC, represented by Michael Simkins. The transaction took place on March 31, 2020. The seller in this deal was Southeast Overtown/Park West Community Redevelopment Agency. The market value of this development site in Overtown makes it a valuable asset for the buyer.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $5,190,000
  • Address: 226 NW 10th St, Overtown
  • Market: Overtown
  • Buyer: Overtown Associates LLC - Michael Simkins
  • Seller: Southeast Overtown/Park West Community Redevelopment Agency

Michael Simkins, representing Overtown Associates LLC, played a significant role in the acquisition of this development site. His involvement highlights his expertise in the real estate market and his ability to identify valuable assets in Overtown. With this transaction, Overtown Associates LLC has positioned themselves as a key player in the Overtown market.

Players

10 deals$317.9M volume
BUYER

Michael Simkins
10 deals$317.9M volume
BUYER

Details

SOLD
IMAGE: Michael Simkins DATE: 03/31/2020 ADDRESS: 226 NW 10th St MARKET: Overtown ASSET TYPE: Development Site PRICE: $5,190,000 BSF: 72,252 PPBSF: $71 BUYER: Overtown Associates LLC - Michael Simkins SELLER: Southeast Overtown/Park West Community Redevelopment Agency

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

$276,799.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,438.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,603.25
Annual Debt Service$295,238.97