Agave On The Beach Leases Hotel From Eli Dadon & Meir Elfassy In Miami Beach
235 18th Street
$61
$61/SF
Building Size
4,779 SF
Asset Type
Hotel
Closing
Sep 6, 2024
AI
This transaction involves a hotel asset located at 235 18th Street in the Miami Beach market. The asking rent for the property is set at $61 per square foot, with a total area of 4,779 square feet. The lease term agreed upon is 10 years, under a NNN Lease structure.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $61/ft
- Lease Term: 10 Years
- Lease Type: NNN Lease
- Landlord: Eli Dadon & Meir Elfassy - South Beach 18
- Tenant: Agave on the Beach
- Broker: Ariel Dadon & Orine Dadon - Adar Investments & Management
- Square Footage: 4,779
The deal features Eli Dadon and Meir Elfassy representing the landlord, South Beach 18. The tenant, Agave on the Beach, is entering this long-term lease for the specified hotel property. Brokers Ariel Dadon and Orine Dadon from Adar Investments & Management facilitated this transaction, marking another success in hotel leasing in the Miami Beach area. NOTE: Adar Investments & Management LLC has secured another hotel lease in a prime Miami Beach location. For exclusive off-market opportunities in hotel leasing and sales, reach out to Orine Dadon and Ariel Dadon today.
Players
Miami Beach Hotel Market Snapshot
Boundary boundary · Hotel · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
260049.18%
Cash-on-Cash
-74322.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93