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Benito Irastorza Acquires Development Site In West Flagler From Gilberto Padin

Property Image
SOLD
$2,125,000
Billy Planes
Agustin Duarte
Benito Irastorza

Florida

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Development Site19,300 SF
Sold 10/28/2021
the dealplayerscompscontact
Property Image
SOLD

Benito Irastorza Acquires Development Site In West Flagler From Gilberto Padin

4200 Southwest 3rd Street, West Flagler, Miami, FL, USA

See Similar Deals
Development Site19,300 SF
Sold 10/28/2021
Billy Planes
Agustin Duarte
Benito Irastorza
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$110
Total Square Footage:19,300 SF
Transaction Type:Sale

Located in the West Flagler market, a development site at 4200 SW 3 Street has been sold in a recent transaction. The property spans an area of 19,300 square feet, with a sale price of $2,125,000. The price per square foot is calculated at $110. Additionally, the property has a buildable square footage of 69,000, resulting in a price per buildable square foot of $31.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $2,125,000
  • Address: 4200 SW 3 Street
  • Market: West Flagler

The buyer in this transaction is Benito Irastorza, while the seller is Gilberto Padin. Representing the deal were Agustin Duarte and Billy Planes of REMAX 360. They facilitated the successful sale of the property at the full asking price of $2,125,000. The transaction closed on October 28, 2021.

Players

Agustin Duarte
Re/Max
Agustin Duarte
25 deals$89.7M volume
BROKER
Billy Planes
Re/Max
Billy Planes
3 deals$9.7M volume
BROKER
Benito Irastorza
Benito Irastorza
4 deals$35.6M volume
BUYER

Details

SOLD
IMAGE: Billy Planes & Agustin Duarte DATE: 10/28/2021 ADDRESS: 4200 SW 3 Street MARKET: West Flagler ASSET TYPE: Development Site BUYER: Benito Irastorza SELLER: Gilberto Padin BROKERS: Agustin Duarte & Billy Planes - REMAX 360 ASKING PRICE: $2,125,000 SALE PRICE: $2,125,000 SF: 19,300 ~ PPSF: $110 BSF: 69,000 ~ PPBSF: $31

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$113,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$7,549.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,073.58
Annual Debt Service$120,883.01