Cornerstone Group Acquires Development Site In Little Havana For $15M
805 W Flagler St Miami, FL 33130, USA
$15,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 3, 2023
AI
Cornerstone Group has purchased a mixed-use development site in Little Havana for $15 million. The site, located at 805-861 West Flagler Street & 826-860 Northwest First Street, spans across 2.38 acres. The property includes leases with Ross Dress for Less and Aldi. Although development plans were filed, there is no record of construction having started.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Address: 805-861 West Flagler Street & 826-860 Northwest First Street
- Market: Little Havana
- ACRES: 2.38
The buyer of the property is Cornerstone Group, represented by Lenny Wolfe. The seller, Riverwest Miami LLC, was represented by Alan Amdur.
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
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93