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5402 West Flagler Street, C...

Keith Wetzel Acquires Development Site On W Flagler St In Coral Gables For $6.75M
SOLDDevelopment Site

Keith Wetzel Acquires Development Site On W Flagler St In Coral Gables For $6.75M

5402 West Flagler Street, Coral Gables, Florida 33134, United States

$6,750,000

$171/SF

Building Size

39,432 SF

Asset Type

Development Site

Closing

Sep 8, 2022

AI

5402 W Flagler St in Coral Gables has been sold in a recently closed transaction. The property, categorized as a development site, was acquired by Keith Wetzel from seller Hector Castellon. The deal was facilitated by brokers Andros Sarduy of Synergy Realty Advisors and Joey Canero of Canero Group.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $6,750,000
  • Address: 5402 W Flagler St
  • Market: Coral Gables
  • Buyer: Keith Wetzel
  • Seller: Hector Castellon
  • Brokers: Andros Sarduy - Synergy Realty Advisors; Joey Canero - Canero Group
  • BSF (Building Square Footage): 179,000
  • PPBSF (Price per Building Square Foot): $38
  • SF (Square Footage): 39,432
  • PPSF (Price per Square Foot): $171

The acquisition of 5402 W Flagler St was a significant transaction involving key individuals and companies. Keith Wetzel successfully purchased the property, and Hector Castellon acted as the seller. The deal was completed with the assistance of Andros Sarduy from Synergy Realty Advisors and Joey Canero from Canero Group.

Players

Andros Sarduy

Synergy Realty Advisors

Broker

$79.6M

vol

17 deals

Broker

Keith Wetzel

Buyer

$28.8M

vol

3 deals

Buyer

Hector Castellon

Seller

$33M

vol

3 deals

Seller

Miami Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.35%

Cash-on-Cash

-0.67%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93