Carl Caras Acquires Development Site In North Bay Village For $3.3M
7626 Coquina Drive, 1773 Bay Drive & 1785 Bay Drive
$3,300,000
$50/SF
Building Size
66,000 SF
Asset Type
Development Site
Closing
Mar 10, 2024
AI
The development site located at 7626 Coquina Drive in North Bay Village and 1773 & 1785 Bay Drive in Miami Beach has been sold for $3,300,000. The site spans 22,000 square feet, resulting in a price per square foot of $150.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,300,000
- Address: 7626 Coquina Drive, 1773 & 1785 Bay Drive
- Market: North Bay Village & Miami Beach
- Buyer: Carl Caras
- Seller: Raul Saul
- Brokers: Shani Ben-Hanania & Samuel Heskiel - Beachfront Realty
Shani Ben-Hanania and Samuel Heskiel from Beachfront Realty represented both the buyer, Carl Caras, and the seller, Raul Saul, in this transaction.
Players
North Bay Village 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
4.81%
Cash-on-Cash
-1.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93