Evolve Companies Acquires Development Site In Miami For $9.8M
SOLD
$9,800,000
Florida
See Similar DealsDevelopment Site41,025 SF
Sold 08/15/2022
SOLD
Evolve Companies Acquires Development Site In Miami For $9.8M
535 Northwest 35th Street
See Similar DealsDevelopment Site41,025 SF
Sold 08/15/2022
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$238
Total Square Footage:41,025 SF
Transaction Type:Sale
An investment property located at 535 NW 35th St in Miami has been sold in a closed transaction. The property, classified as a development site, was sold for a total price of $9,800,000. It spans across a total area of 41,025 square feet, with a price per square foot of $239. The transaction included the sale of 140 units, resulting in a price per unit of $70,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $9,800,000
- Address: 535 NW 35th St
- Market: Miami
The buyer, Evolve Companies, represented by John McDonald and Mike Winstead Jr, acquired the property from TECTUM USA. TECTUM USA's representatives in the deal were Julian Diaz and Diego Estrada. The transaction was facilitated by the broker team of Fabio and Sebastian Faerman from FA Commercial.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$522,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$34,817.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,457.00
Annual Debt Service$557,484.00
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