Updated Nov 2, 2026
Joe Demaria & Chris Doherty Acquire Industrial Property In Homestead For $2.25M With East Coast CRE
229 South Railroad Avenue
$2,250,000
$324/SF
Building Size
6,931 SF
Asset Type
Industrial
Closing
Oct 30, 2026
About this deal
AI
The industrial property located at 229 South Railroad Avenue in Homestead was sold for $2,250,000. This asset encompasses 6,931 square feet and reflects a price per square foot of $324.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $2,250,000
- Buyer: Joe Demaria & Chris Doherty - Parkway Auto Sales & Services, LLC
- Seller: Jim Seagal - ESI South Bldg Partnership
- Buyer's Representative: Miguelangel Salazar-Pesce & Azael Reyes - East Coast Properties & Commercial Real Estate
- Seller's Representative: Sean Bernaldo & Alexander Bernaldo - Americas Commercial Real Estate
- Market: Homestead
- Square Footage: 6,931
- Price Per Square Foot: $324
East Coast CRE successfully represented the buyer, assisting them in completing a 1031 tax-deferred exchange after a previous industrial asset sale. This acquisition is part of a larger assemblage for the buyer's expanding manufacturing and outdoor storage operations. Additionally, they negotiated an increase in rental income and an extension of the existing tenant's lease to bolster the property's cash flow.
On the Map
$2,250,000
$324/SF
Industrial
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Players
Homestead Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.05%
Cash-on-Cash
-2.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93