Andrew Korge's Korgeous Development Acquires 1.85 Acre Development Site In Miami For $6.5M
SOLD
$6,500,000
Florida
See Similar DealsDevelopment Site80,586 SF
Sold 10/22/2021
SOLD
Andrew Korge's Korgeous Development Acquires 1.85 Acre Development Site In Miami For $6.5M
3007 Northwest South River Drive, Miami, FL 33142, USA
See Similar DealsDevelopment Site80,586 SF
Sold 10/22/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$80
Total Square Footage:80,586 SF
Transaction Type:Sale
The development site located at 3007 Northwest South River Drive in Miami has been sold for a price of $6,500,000. The property spans across 1.85 acres, making it an attractive opportunity for future development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,500,000
- Address: 3007 Northwest South River Drive, Miami
- Market: Miami
- Acres: 1.85
The buyer of the property is Andrew Korge from Korgeous Development, along with Jorge Fernandez. On the other hand, the seller is Bruno Ramos. Michelle Ash, representing Simply Marinas, acted as the broker in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$346,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,093.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,813.32
Annual Debt Service$369,759.79
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