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575 Ne 61st St

Sergio Bernal Purchases Hotel At 575 Ne 61st St In Miami For $1.93M From Sheldon Klein
SOLDHotel

Sergio Bernal Purchases Hotel At 575 Ne 61st St In Miami For $1.93M From Sheldon Klein

575 Ne 61st St

$1,925,000

$697/SF

Building Size

2,760 SF

Asset Type

Hotel

Closing

Jan 19, 2023

AI

The property asset involved in this transaction is a hotel located at 575 Ne 61st St in Miami, with a total square footage of 2,760. The hotel was sold for a price of $1,925,000.00, reflecting its market value in the Miami area.

Summary of transaction details:

The key individuals involved in this transaction include the buyer, Sergio Bernal, and the seller, Sheldon Klein, who facilitated the sale of the hotel. The brokerage team representing the seller included Arthur Porosoff, David Cohen from Horvath & Tremblay, and Javier Ubeda, highlighting the involvement of multiple professionals in the successful closure of this deal.

Players

David Cohen

Horvath & Tremblay

Broker

$67.3M

vol

10 deals

Broker

Sergio Bernal

Buyer
Buyer

Sheldon Klein

Seller

$5M

vol

2 deals

Seller

Miami Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

8.24%

Cash-on-Cash

-2.36%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93