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49 Northwest 5th Street

Updated Dec 4, 2024

Erik Rutter & David Weitz Purchase Miami Development Site For $38.5M
SOLDDevelopment Site

Erik Rutter & David Weitz Purchase Miami Development Site For $38.5M

49 Northwest 5th Street

$38,500,000

$1,017/SF

Building Size

37,857 SF

Asset Type

Development Site

Closing

Jun 14, 2024

About this deal

AI

The development site located at 49 Northwest 5th Street in Miami was sold for $38,500,000. The property spans 37,857 square feet with a price per square foot of $1,017. Additionally, the building comprises 416,427 buildable square feet, resulting in a price per buildable square foot of $92.

Summary of transaction details:

The sale of the development site was facilitated by Vincent Pastore from Vincent Pastore & Associates, along with Mika Mattingly and Cecilia Estevez from Colliers International. The buyers, Erik Rutter and David Weitz of Oak Row Equities, successfully acquired the property in this significant transaction.

On the Map

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$38,500,000

$1,017/SF

Development Site

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Players

Mika Mattingly

Colliers

Broker

$567.6M

vol

38 deals

Broker
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Miami Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Deal FAQ

About $1K per square foot on a published $38.5M for 37,857 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.41%

Cash-on-Cash

-0.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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