Sabal Development Acquires Development Site In Miami Beach For $4.2M
5440 La Gorce Drive, Miami Beach, Florida 33140, United States
$4,200,000
$350,000/SF
Building Size
12 SF
Asset Type
Development Site
Closing
Nov 16, 2022
AI
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:
- Property Type: Development Site
- Sale Price: $4,200,000
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
Miami Beach 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
3.78%
Cash-on-Cash
-1.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93