Horacio Ferrando Acquires Development Site From Jerry Fernandez In Miami For $1M
3728 Northwest 19th Avenue
$1,000,000
Building Size
—
Asset Type
Development Site
Closing
May 9, 2024
AI
The Tropic Place development site, located at 3728 Northwest 19th Avenue in Miami, has been sold for $1,000,000. The property spans 14,585 square feet with a price per square foot of $69. The site is situated in Allapattah, within walking distance to the MetroRail, and comes with complete construction drawings, paid impact fees, and building permits, making it shovel ready.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,000,000
- Buyer: Horacio Ferrando
- Seller: Jerry Fernandez
- Buyer's Rep: Claudio Forgione
- Seller's Rep: Deme Mekras - MSP Group
Claudio Forgione represented the buyer, Horacio Ferrando, in this transaction. Deme Mekras, from MSP Group, acted as the seller's representative. The deal has now been successfully closed, marking another successful sale for MSP Group.
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
15.86%
Cash-on-Cash
-4.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93