Updated Oct 28, 2024
Carpe Real Estate Partners Acquires Development Site In Wynwood, Miami For $5.5M
71 Northwest 29th Street, Miami, FL 33127
$5,500,000
$916/SF
Building Size
6,000 SF
Asset Type
Development Site
Closing
Dec 15, 2021
About this deal
AI
Carpe Real Estate Partners, in collaboration with L&L Holding Company, has acquired a development site located at 71 NW 29th St in Wynwood, Miami. The property was sold by Advanced Video Communication, with Mike Dowd representing as the seller.
Summary of transaction details:
- Property Type: Development Site
- Sale Price: $5,500,000
- Building Square Footage: 110,400
- Price per Buildable Square Foot: $50
- Lot Size: 6,000 square feet
- Price per Square Foot: $917
The deal was facilitated by Stefano Santoro of Disruptive Real Estate who represented the buyer in this transaction. David Weitz and Erik Rutter acted as the representatives for Carpe Real Estate Partners, and Erik Rutter also represented L&L Holding Company.
This acquisition marks a significant investment in the vibrant Wynwood market in Miami. The development site offers tremendous potential for future development and expansion, adding value to the growing community.
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
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93