Iras Group Acquires Development Site From David Herskowitz In Miami For $4.75M
SOLD
$4,750,000
Florida
See Similar DealsDevelopment Site2,238 SF
Sold 02/03/2025
SOLD
Iras Group Acquires Development Site From David Herskowitz In Miami For $4.75M
938 Southwest 8th Street
See Similar DealsDevelopment Site2,238 SF
Sold 02/03/2025
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$2,122
Total Square Footage:2,238 SF
Transaction Type:Sale
The transaction involves a development site located at 938 Southwest 8th Street in the Miami market. The asset was sold for $4,750,000. The total lot size for the property is 20,504 square feet, resulting in a price per lot square foot of $231.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,750,000
- Address: 938 Southwest 8th Street
- Market: Miami
- Lot Size: 20,504 SF
- Price per Lot SF: $231
- Buyer: Iras Group
- Seller: David Herskowitz
- Broker Representatives: Jonathan De La Rosa & Eduardo Toledo - Marcus & Millichap
The buyer, Iras Group, engaged in this transaction with David Herskowitz, the seller. The deal was facilitated by brokers Jonathan De La Rosa and Eduardo Toledo from Marcus & Millichap, representing the interests of the involved parties in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$253,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$16,875.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,517.42
Annual Debt Service$270,209.08
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