Jarrett Posner's BMC Investments Acquires Land On North Bay Road In Miami Beach For $10.95M
SOLD
$10,950,000
+ 2
Florida
See Similar DealsIndustrial30,000 SF
Sold 11/21/2020
SOLD
Jarrett Posner's BMC Investments Acquires Land On North Bay Road In Miami Beach For $10.95M
5860 North Bay Road, Miami Beach, FL, USA
See Similar DealsIndustrial30,000 SF
Sold 11/21/2020
+ 2
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$365
Total Square Footage:30,000 SF
Transaction Type:Sale
Located at 5860 North Bay Road in Miami Beach, this property is a land asset that was recently sold in a transaction. The sale took place on November 21, 2020.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $10,950,000
- Market: Miami Beach
The buyer of this property is Jarrett Posner, representing BMC Investments. On the other hand, the seller is Jennifer Valoppi and Christian de Berdouare, the owners of Chicken Kitchen.
Brett Harris, from Douglas Elliman, acted as the buyer's representative in this deal. Mirce Miki Curkoski and Albert Justo, from ONE Sotheby's Realty, represented the sellers.
The property has a building size of 30,000 square feet and a price per square foot of $365. Notably, this land was previously owned by Pablo Escobar, adding to its historical significance.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$583,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$38,903.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$51,908.59
Annual Debt Service$622,903.04
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