Pedro Camejo's CAM Group LLC Acquires Little Havana Development Site For $6.6M
SOLD
$6,600,000
Florida
See Similar DealsDevelopment Site42,273 SF
Sold 12/31/2021
SOLD
Pedro Camejo's CAM Group LLC Acquires Little Havana Development Site For $6.6M
2515 SW 8 St, Miami, Florida 33135, United States
See Similar DealsDevelopment Site42,273 SF
Sold 12/31/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$156
Total Square Footage:42,273 SF
Transaction Type:Sale
A development site located at 2515, 2521, 2525, 2510 SW 8 ST & 711 Beacom Blvd in the Little Havana market has been sold in a closed transaction. The transaction took place on December 31, 2021.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,600,000
Pedro Camejo of CAM Group LLC purchased the property from seller Rick Prete. The buyer was represented by Eddie Toledo and Jonathan De La Rosa from Marcus & Millichap.
The development site spans a total area of approximately 42,273 square feet. The sale price amounts to $156 per square foot. The building square footage is estimated to be 243,895, resulting in a price per buildable square foot of $27.
Eddie Toledo and Jonathan De La Rosa note that this transaction involved the sale of five properties with existing income. The structures on the site will be demolished to make way for a new apartment building consisting of approximately 189 units and 8,000 square feet of retail space.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$352,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,448.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,287.37
Annual Debt Service$375,448.41
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