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Alex Bahrami Acquires Development Site On Miami River For $3M

Property Image
SOLD
$3,000,000
Virgilio Fernandez
Mitash Kripalani

Florida

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Development Site14,892 SF
Sold 11/01/2023
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Property Image
SOLD

Alex Bahrami Acquires Development Site On Miami River For $3M

654 Northwest North River Drive

See Similar Deals
Development Site14,892 SF
Sold 11/01/2023
Virgilio Fernandez
Mitash Kripalani
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$201
Total Square Footage:14,892 SF
Transaction Type:Sale

A development site located at 654 Northwest North River Drive in Miami has been sold for $3 million. The site spans 14,892 square feet, with a price per square foot of $201. Virgilio Fernandez and Mitash Kripalani from Colliers International represented the sellers, Conrad De Armas, in this transaction. The buyer, Alex Bahrami, plans to develop luxury condos or townhouses on the site.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $3,000,000
  • Address: 654 Northwest North River Drive, Miami
  • Square Footage: 14,892 SF
  • Price per Square Foot: $201

This successful sale was facilitated by Colliers International and garnered multiple high-priced offers. Virgilio Fernandez and Mitash Kripalani represented the sellers and helped secure a beneficial record price contract. For any property acquisition or selling needs, Colliers International is ready to provide assistance and support.

Players

Mitash Kripalani
Colliers
Mitash Kripalani
23 deals$137.6M volume
BROKER
Virgilio Fernandez
Cushman & Wakefield
Virgilio Fernandez
42 deals$222.9M volume(305) 613-4507
BROKER

Details

SOLD
IMAGE: Virgilio Fernandez DATE: 11/01/2023 ADDRESS: 654 Northwest North River Drive MARKET: Miami ASSET TYPE: Development Site BUYER: Alex Bahrami SELLER: Conrad De Armas BROKERS: Virgilio Fernandez (@VBoundless) & Mitash Kripalani (@Mitash) - Colliers International (@ColliersInternational) SALE PRICE: $3,000,000 SF: 14,892 ~ PPSF: $201 NOTE FROM BROKERS: We are pleased to share that Colliers has successfully facilitated the sale of a development site on the Miami River for $3 million. This sale comes after a formal listing process, which resulted in multiple high-priced offers for the area. Virgilio Fernandez represented the sellers and helped to secure a beneficial record price contract. The buyer plans to develop luxury condos or townhouses on the site. If you are looking to acquire or sell a property and need assistance in reaching your investment goals, our team is ready to have a conversation with you. Feel free to reach out to us anytime [email protected]

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
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