Richard Paul Richman's The Richman Group Acquires Development Site In Miami For $23M
690 Northwest 13th Street, Miami, Florida 33125, United States
$23,000,000
$188/SF
Building Size
122,186 SF
Asset Type
Development Site
Closing
Sep 14, 2022
AI
A development site located at 690 NW 13th St in Miami has been sold for a price of $23,000,000. The sale was completed on 09/15/2022.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $23,000,000
- Address: 690 NW 13th St, Miami
The buyer in this transaction is Richard Paul Richman from The Richman Group, while the seller is Kelly Kite. The sale was facilitated by Jay Ziv, Michael T. Fay, Brian C. de la Fé, John K. Crotty, and David Duckworth from Avison Young.
The development site has a buildable square footage (BSF) of 1,270,700 and a price per buildable square footage (PPBSF) of $18. The total square footage (SF) of the site is 122,186, with a price per square footage (PPSF) of $188.
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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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93