Updated Oct 28, 2024
UOVO Storage Acquires Development Site In Wynwood, Miami For $11.5M
328 NW 29 St, Miami, Florida 33127, United States
$11,500,000
$547/SF
Building Size
21,000 SF
Asset Type
Development Site
Closing
Feb 21, 2022
About this deal
AI
UOVO Storage has purchased a development site in Wynwood, Miami for a total price of $11,500,000. The property is located at 328-342 NW 29 St and spans 21,000 square feet. The sale includes a buildable square footage (BSF) of 226,800, resulting in a price per buildable square foot (PPBSF) of $51. The price per square foot (PPSF) for the existing structure is $548.
Summary of Transaction Details:
- Property Type: Development Site
- Transaction Amount: $11,500,000
- Address: 328-342 NW 29 St, Wynwood, Miami
- BSF: 226,800
- PPBSF: $51
- SF: 21,000
- PPSF: $548
The buyer, UOVO Storage, acquired the property from Red Group Estate. The brokers involved in this transaction are Jordan Karp from Realty Company and Tony Arellano and Devlin Marinoff from DWNTWN Realty Advisors.
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
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93