Updated Dec 4, 2024
Alex Bahrami Acquires Development Site On Miami River For $3M
654 Northwest North River Drive
$3,000,000
$201/SF
Building Size
14,892 SF
Asset Type
Development Site
Closing
Nov 1, 2023
About this deal
AI
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.
On the Map
$3,000,000
$201/SF
Development Site
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Players
Miami 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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93