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426 Northeast 28th Street, ...

PR Group Florida Acquires Development Site In Miami - Edgewater For $17.2M
SOLDDevelopment Site

PR Group Florida Acquires Development Site In Miami - Edgewater For $17.2M

426 Northeast 28th Street, Miami, Florida 33137, United States

$17,154,000

$458/SF

Building Size

37,379 SF

Asset Type

Development Site

Closing

Jun 23, 2022

AI

Located in Miami's Edgewater neighborhood, a development site consisting of 426 & 434 NE 28th St and 423 NE 27th St has been sold for a total of $17,154,000. The property, spanning over 37,379 square feet, offers a potential for development. The transaction took place on June 24, 2022.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $17,154,000
  • Units: 128
  • Price per Unit (PPU): $134,016
  • Square Footage (SF): 37,379
  • Price per Square Foot (PPSF): $458

The buyer, PR Group Florida represented by Christophe Petit and Julien Ridon, acquired the property from sellers Alex Pavlosky, Wesley Bradley, and Octavio Maza. Jim Agard from Vendome Capital acted as the buyer's representative in the transaction. Additionally, Freddie Klein from The Porosoff Group represented the seller for the property located at 423 NE 27th St.

The completion of the lot assemblage was a significant achievement in this transaction. The involvement of Jim Agard from Vendome Capital as the buyer's representative played a crucial role in successfully combining the lots.

Players

Jim Agard

Broker

$97.6M

vol

8 deals

Broker
Christophe Petit

Christophe Petit

PR Group Florida

Buyer

$52.5M

vol

4 deals

Buyer

Alex Pavlosky

Seller

$34.3M

vol

2 deals

Seller

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

0.92%

Cash-on-Cash

-0.26%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93