Updated Oct 29, 2024
UrbanicaTheHotels Acquires Hotel Development Site In Miami For $1.7M
229 NE 32nd St, Miami, FL 33137, USA
$1,700,000
$344/SF
Building Size
4,940 SF
Asset Type
Development Site
Closing
Aug 30, 2020
About this deal
AI
A hotel development site located at 229 NE 32 St. in Miami has been sold for $1,700,000. The property spans across 4,940 square feet with a price per square foot of $344. The building size is 8,200 square feet, resulting in a price per building square foot of $207. In total, there are 8 units, amounting to a price per unit of $212,500.
Summary of transaction details:
- Property Type: Hotel Development Site
- Transaction Amount: $1,700,000
- Market: Miami
The seller of the property is Mohammad Hossein Tavakoli, while the buyer is @UrbanicaTheHotels represented by Diego Colmenero & Charlie Porchetto. The broker involved in the transaction is Stefano Santoro.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.33%
Cash-on-Cash
-2.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93