Alex Posth, Michael Konig, Kevin Venger, And Louis Birdman Acquire Development Site In Edgewater For $22.8M
710 Northeast 29th Street, Miami, Florida 33137, United States
$22,800,000
$1,036/SF
Building Size
22,000 SF
Asset Type
Development Site
Closing
Jan 26, 2022
AI
A development site located at 710 NE 29 St in Edgewater has been sold for a price of $22,800,000. The property spans approximately 22,000 square feet and has a price per square foot of $1,036. The buyer of the site is Alex Posth, Michael Konig, Kevin Venger, and Louis Birdman. The transaction was facilitated by Joel Rodriguez from Global Investments Realty.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $22,800,000
- Address: 710 NE 29 St
- Market: Edgewater
- Buyer: Alex Posth, Michael Konig, Kevin Venger, Louis Birdman
- Broker: Joel Rodriguez - Global Investments Realty
- Square Footage: 22,000
- Price per Square Foot: $1,036
The sale of this development site in Edgewater represents a significant transaction in the real estate market. The buyers, Alex Posth, Michael Konig, Kevin Venger, and Louis Birdman, seized the opportunity to acquire this property with the assistance of their broker, Joel Rodriguez from Global Investments Realty.
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
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93