Aria Development Group Acquires Development Site In Downtown Miami For $11M
SOLD
$11,000,000
Florida
See Similar DealsDevelopment Site24 SF
Sold 11/30/2022
SOLD
Aria Development Group Acquires Development Site In Downtown Miami For $11M
33 East 6th Street, Hialeah, Florida 33010, United States
See Similar DealsDevelopment Site24 SF
Sold 11/30/2022
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$458,333
Total Square Footage:24 SF
Transaction Type:Sale
The development site located at 33, 45 & 55 NE 6th Street in Downtown Miami has been sold for a total of $11,000,000. The property spans an area of 24,000 square feet, resulting in a price per square foot of $458. The sale was completed on November 30, 2022, and the transaction involved the Aria Development Group as the buyer and the International Longshoremen's Association as the seller.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $11,000,000
- Square Footage: 24,000
- Price per Square Foot: $458
- Date: November 30, 2022
- Market: Downtown Miami
The buyer, Aria Development Group, was represented by David Arditi. David Arditi acted as the representative of the buyer in this deal. On the other hand, the International Longshoremen's Association served as the seller of the development site. The sale of this property marks a significant transaction in the Downtown Miami market, offering development potential and investment opportunity.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$586,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,080.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,145.61
Annual Debt Service$625,747.34
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