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Cornerstone Group Acquires Development Site In Little Havana For $15M

Property Image
SOLD
$15,000,000

Florida

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Development Site
Sold 07/03/2023
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Property Image
SOLD

Cornerstone Group Acquires Development Site In Little Havana For $15M

805 W Flagler St Miami, FL 33130, USA

See Similar Deals
Development Site
Sold 07/03/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

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

CG
Cornerstone Group
BUYER
AA
Alan Amdur
2 deals$41.5M volume
SELLER
AA
Alan Amdur
2 deals$41.5M volume
SELLER

Details

SOLD
IMAGE: Alan Amdur DATE: 07/03/2023 ADDRESS: 805-861 West Flagler Street & 826-860 Northwest First Street MARKET: Little Havana ASSET TYPE: Development Site ~ ACRES: 2.38 BUYER: Cornerstone Group - Lenny Wolfe SELLER: Riverwest Miami LLC - Alan Amdur SALE PRICE: $15,000,000 NOTE: Cornerstone Group has purchased a mixed-use development site in Little Havana for $15 million. The site includes leases with Ross Dress for Less and Aldi, and although development plans were filed, there is no record of construction having started.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$799,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83