Updated Oct 29, 2024
Urbana Investments Acquires Development Site In Miami's Edgewater For $14M
410 Northeast 35th Terrace Miami, Florida 33137, USA
$14,000,000
$466/SF
Building Size
30,046 SF
Asset Type
Development Site
Closing
Jun 6, 2023
About this deal
AI
A development site in Miami's Edgewater neighborhood has been sold for $14 million. The property, located at 410 Northeast 35th Terrace, spans approximately 30,046 square feet and was acquired by Urbana Investments LLC. Previously proposed as a hotel, the site will now be developed as Vida Edgewater, a nine-story condominium with 121 units. The units will range in price from $350,000 to just under $1 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $14,000,000
- Square Footage: 30,046 SF
- Address: 410 Northeast 35th Terrace
- Market: Miami
The seller, Edgewater Hotel Land LLC, was represented by Zachary Schiffman. The buyer's representative in the deal was not disclosed. The transaction was funded by Bixby Bridge Fund V.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93