AMLI Residential Acquires Development Site In Miami For $30.5M
SOLD
$30,500,000
Florida
See Similar DealsDevelopment Site80,365 SF
Sold 11/23/2021
SOLD
AMLI Residential Acquires Development Site In Miami For $30.5M
3001 Northeast 1st Avenue, Miami, FL 33137
See Similar DealsDevelopment Site80,365 SF
Sold 11/23/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$379
Total Square Footage:80,365 SF
Transaction Type:Sale
AML Residential has acquired a development site in Miami for $30,500,000. The property is located at 3001 Northeast First Avenue and spans approximately 1.84 acres. The transaction took place on 11/23/2021.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $30,500,000
- Address: 3001 Northeast First Avenue
- Market: Miami
- Acres: 1.84
The seller of the property was Midtown Development, represented by Alex Vadia. AMLI Residential's representative in the deal was Gregory Mutz. The transaction was facilitated by Robert Given of Cushman & Wakefield acting as the broker.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,626,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$108,360.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$144,585.56
Annual Debt Service$1,735,026.72
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