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3859 Kumquat Avenue

Jose Canero & Justin Rundle Acquire Development Site In Miami's Coconut Grove For $1.4M
SOLDDevelopment Site

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

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.

Players

Jose Canero

Buyer

$150.7M

vol

12 deals

Buyer

Lisset Vazquez

Seller

$3.4M

vol

2 deals

Seller

Market 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

11.33%

Cash-on-Cash

-3.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93