Updated Oct 28, 2024
Abbhi Capital Acquires Development Site In Coconut Groove For $18.8M
3559 Thomas Avenue, Miami, Florida 33133, United States
$18,800,000
Building Size
—
Asset Type
Development Site
Closing
May 8, 2022
About this deal
AI
A development site in Coconut Grove has been sold for $18,800,000. The site spans 2.4 acres and includes the following addresses: 3559, 3551, 3547, 3523, and 3509 Thomas Avenue; 3428 and 3410 Hibiscus Street; and 3574, 3522, 3520, 3530, and 3560 Grand Avenue. The sale took place on May 9, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $18,800,000
- Market: Coconut Grove
- Buyer: Abbhi Capital - Sankesh Abbhi & Peter Gardner
- Seller: GV Bimini
Abbhi Capital, represented by Sankesh Abbhi and Peter Gardner, purchased the development site from GV Bimini. This significant acquisition showcases Abbhi Capital's continued interest in real estate development. The deal highlights the importance of strategic investment in the thriving Coconut Grove market.
On the Map
$18,800,000
Development Site
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Players
Miami Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.84%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93