Updated Dec 19, 2023
Ebenezer Almenares Sells Development Site In Allapattah, Miami For $3.5M
2277 Northwest 36th Street, Miami, Florida 33142, United States
$3,500,000
$41/SF
Building Size
85,000 SF
Asset Type
Development Site
Closing
Mar 9, 2022
About this deal
AI
A development site located at 2277 NW 36th St in the Allapattah neighborhood of Miami has been sold for $3,500,000. The site has a building square footage (BSF) of 85,000, resulting in a price per BSF (PPBSF) of $41. This transaction marks a new high for the submarket, with a sale price equivalent to $41,600 per door.
Summary of transaction details:
- Property Type: Development Site
- Sale Price: $3,500,000
- Address: 2277 NW 36th St, Allapattah, Miami
- Market: Allapattah, Miami
- Seller: Ebenezer Almenares
- Broker: Agustin Duarte, CCIM - RE/MAX360
In a public meeting held on 12/3/21, the Miami-Dade Plat Committee discussed a Tentative Plat request to accommodate an affordable multi-family residential development with 84 units. The proposed development will be situated in the northwestern area of NW 22nd Ave and NW 36th St.
Note from broker Agustin Duarte, CCIM: This sale has set a new record for the submarket, reflecting a strong market demand.
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Miami Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93