Marcelo Kingston's Multiplan Real Estate Asset Management Acquires Development Site In Surfside For $64M
SOLD
$64,000,000
Florida
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Sold
SOLD
Marcelo Kingston's Multiplan Real Estate Asset Management Acquires Development Site In Surfside For $64M
9317 Collins Avenue
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Sold
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
A development site located at 9309-9317 Collins Avenue in Surfside has been sold for a price of $64,000,000. The property encompasses a significant amount of land suitable for development purposes.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $64,000,000
- Address: 9309-9317 Collins Avenue, Surfside
- Market: Surfside
The buyer of the development site is Marcelo Kingston, who represents Multiplan Real Estate Asset Management (MREAM). The seller is Vivian Dimond. The transaction was facilitated by Philip Gutman from Pgutman LLC, who represented the parties involved in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,413,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$227,378.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$303,392.65
Annual Debt Service$3,640,711.82
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