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Sabal Development Acquires Development Site In Miami Beach For $4.2M

Property Image
SOLD
$4,200,000
Jean Echemendia
Pascal Nicolai

Florida

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Development Site12 SF
Sold 11/16/2022
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Property Image
SOLD

Sabal Development Acquires Development Site In Miami Beach For $4.2M

5440 La Gorce Drive, Miami Beach, Florida 33140, United States

See Similar Deals
Development Site12 SF
Sold 11/16/2022
Jean Echemendia
Pascal Nicolai
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$350,000
Total Square Footage:12 SF
Transaction Type:Sale

Located at 5440 La Gorce Drive in Miami Beach, this development site was recently sold in a closed property transaction. The property is a development site, offering potential for future construction and expansion. The sale took place on November 16, 2022, with a sale price of $4,200,000.

Summary of Transaction Details:

The buyer, Sabal Development, was represented by Pascal Nicolai from Florida Realty of Miami, Corp. The seller was Justin Yoshimura. Jean Echemendia from Douglas Elliman served as the seller's representative in this transaction.

The development site has a buildable square footage (BSF) of 12,000. The price per buildable square footage (PPBSF) was $350. The transaction involved prominent individuals and companies, making it a noteworthy deal in the Miami Beach market.

Players

Jean Echemendia
Douglas Elliman
Jean Echemendia
2 deals$21.3M volume
BROKER
Pascal Nicolai
Pascal Nicolai
10 deals$145.9M volume
BUYER

Details

SOLD
IMAGE: Jean Echemendia & Pascal Nicolai DATE: 11/16/2022 ADDRESS: 5440 La Gorce Drive MARKET: Miami Beach ASSET TYPE: Development Site BUYER: Sabal Development (@SabalDev) - Pascal Nicolai (@PascalNicolai) SELLER: Justin Yoshimura BUYER'S REP: Florida Realty of Miami, Corp (@FloridaRealtyofMiami) SELLER'S REP: Jean Echemendia (@Teslagrl) - Douglas Elliman (@DouglasElliman) SALE PRICE: $4,200,000 BSF: 12,000 ~ PPBSF: $350

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$223,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$14,921.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$19,910.14
Annual Debt Service$238,921.71