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WAJ Developers Acquires Development Site In Miami For $7.05M

Property Image
SOLD
$7,050,000
Andy Charry
HD
WJ

Florida

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Development Site50,700 SF
Sold 09/08/2023
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Property Image
SOLD

WAJ Developers Acquires Development Site In Miami For $7.05M

237 Northeast 54th Street

See Similar Deals
Development Site50,700 SF
Sold 09/08/2023
Andy Charry
HD
WJ
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$139
Total Square Footage:50,700 SF
Transaction Type:Sale

Located in Miami, the development site at 237, 243, 251, 255 & 265 NE 54th St, 278, 268 & 256 NE 55th St has been sold in a recent transaction. The property spans a total of 50,700 square feet, with a price per square foot of $139. The sale price for this development site amounted to $7,050,000.

Summary of Transaction Details

  • Property Type: Development Site
  • Transaction Amount: $7,050,000
  • Address: 237, 243, 251, 255 & 265 NE 54th St, 278, 268 & 256 NE 55th St
  • Market: Miami
  • Buyer: WAJ Developers - William Jacome
  • Seller: 54 St Investments - Henry Dow
  • Broker: Andy Charry - Metro1
  • Square Footage: 50,700
  • Price per Square Foot: $139

The buyer of the property is WAJ Developers, represented by William Jacome, while the seller is 54 St Investments, represented by Henry Dow. The deal was facilitated by broker Andy Charry from Metro1. This transaction demonstrates the ongoing real estate activity in the Miami market and highlights the successful collaboration between the buyer, seller, and broker.

Players

Andy Charry
STL Commercial
Andy Charry
10 deals$53.5M volume(305) 298-5503
BROKER
WJ
William Jacome
4 deals$23M volume
BUYER
WJ
William Jacome
4 deals$23M volume
BUYER
HD
Henry Dow
2 deals$14.7M volume
SELLER

Details

SOLD
IMAGE: Andy Charry DATE: 09/08/2023 ADDRESS: 237, 243, 251, 255 & 265 Ne 54 St, 278, 268 & 256 Ne 55 St MARKET: Miami ASSET TYPE: Development Site BUYER: WAJ Developers - William Jacome SELLER: 54 St Investments - Henry Dow BROKER: Andy Charry - Metro1 (@metro1cre) SALE PRICE: $7,050,000 SF: 50,700 ~ PPSF: $139

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

$376,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$25,047.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,420.60
Annual Debt Service$401,047.16