Updated Oct 25, 2024
Carpe Real Estate Partners Acquires Development Site In Wynwood, Miami For $18.5M
51 Northwest 29th Street, Miami, FL 33127
$18,500,000
$1,985/SF
Building Size
9,316 SF
Asset Type
Development Site
Closing
Dec 15, 2021
About this deal
AI
A development site located at 51 NW 29th St in Wynwood, Miami was recently sold for a price of $18,500,000. The site spans an area of 9,316 square feet and has a price per square foot of $1,986. The buyer of the property was Carpe Real Estate Partners, represented by Erik Rutter and David Weitz, along with L&L Holding Company. The seller of the property was Alex Karakhanian, and the transaction was facilitated by Stefano Santoro of Disruptive Real Estate.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,500,000
- Address: 51 NW 29th St, Wynwood, Miami
- Market: Wynwood, Miami
- Buyer: Carpe Real Estate Partners - Erik Rutter & David Weitz; L&L Holding Company
- Seller: Alex Karakhanian
- Broker: Stefano Santoro - Disruptive Real Estate
- BSF (Building Square Footage): 386,400
- PPBSF (Price per Building Square Foot): $48
- SF (Property Square Footage): 9,316
- PPSF (Price per Square Foot): $1,986
The sale of this development site was a significant transaction in Wynwood, Miami. The involvement of Carpe Real Estate Partners, L&L Holding Company, and Alex Karakhanian highlights the interest in the area and its potential for further development. Stefano Santoro, from Disruptive Real Estate, played a crucial role in facilitating this deal.
Players
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
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93