Mathieu Massa Acquires Miami Beach Development Site For $13.5M
SOLD
$13,500,000
Florida
See Similar DealsDevelopment Site17,040 SF
Sold
SOLD
Mathieu Massa Acquires Miami Beach Development Site For $13.5M
427 22nd Street, Miami Beach, Florida 33139, United States
See Similar DealsDevelopment Site17,040 SF
Sold
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$792
Total Square Footage:17,040 SF
Transaction Type:Sale
A development site located at 427 22nd Street & 2206 Park Avenue in Miami Beach has been sold for a total price of $13,500,000. The property spans a total area of 17,040 square feet and is classified as a development site.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $13,500,000
- Address: 427 22nd Street & 2206 Park Avenue, Miami Beach
- Market: Miami Beach
The buyer of the property is Mathieu Massa, while the seller is Enrique Colmenares. The transaction was facilitated by Susan Gale from One Sotheby’s International Realty. City National Bank of Florida provided the lending for the deal. The price per square foot for the property is approximately $792.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$720,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$47,962.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,996.89
Annual Debt Service$767,962.65
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