Updated Mar 3, 2025
Jose Canero & Justin Rundle Acquire Development Site In Miami's Coconut Grove For $1.4M
3859 Kumquat Avenue
$1,400,000
Building Size
—
Asset Type
Development Site
Closing
Apr 20, 2023
About this deal
AI
Jose Canero and Justin Rundle have purchased a vacant lot in Coconut Grove, Miami for $1.4 million. The lot is located at 3859 Kumquat Avenue and spans approximately 8,000 square feet. The buyers plan to develop a luxury home on the property.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $1,400,000
- Address: 3859 Kumquat Avenue
- Market: Miami
- Buyer: Jose Canero & Justin Rundle
- Seller: Lisset Vazquez
This purchase signifies the intentions of Jose Canero and Justin Rundle to enter the real estate development market. By acquiring this vacant lot, they have laid the foundation for constructing a luxurious 8,000 square foot residence in the highly sought-after neighborhood of Coconut Grove. This transaction showcases their commitment to creating high-end homes in desirable locations.
On the Map
$1,400,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
11.33%
Cash-on-Cash
-3.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93