Updated Oct 28, 2024
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
$6,500,000
$80/SF
Building Size
80,586 SF
Asset Type
Development Site
Closing
Oct 22, 2021
About this deal
AI
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.
On the Map
$6,500,000
$80/SF
Development Site
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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
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93