Updated Oct 28, 2024
Andrew Carton & Barry R. Lundgren Acquire Industrial Property In Little River For $8.275M
7771 Northwest 7th Avenue, Miami, Florida 33150, United States
$8,275,000
$403/SF
Building Size
20,527 SF
Asset Type
Industrial
Closing
Jan 10, 2022
About this deal
AI
The sale of three brand new construction condo warehouses in Miami's Little River neighborhood has set a record-breaking price point for this asset class. These properties, located at 7744 NW 6th Ct, 7771 & 7811 NW 7th Ave, are part of the industrial market in Little River. The transaction took place on 01/10/2022 and the sale price was $8,275,000, with a total square footage of 20,527. This equates to a price per square foot of $403.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $8,275,000
- Address: 7744 NW 6th Ct, 7771 & 7811 NW 7th Ave
- Market: Little River
- Buyer: Andrew Carton & Barry R. Lundgren
- Seller: Josephine Investments - Alberto Sbarra
- Buyer's Representative: ZYX Capital
- Seller's Representative: Irene Dakota - Gridline Properties
- Square Footage: 20,527
- Price Per Square Foot: $403
This transaction was facilitated by Irene Dakota from Gridline Properties, representing the seller, Josephine Investments - Alberto Sbarra. ZYX Capital represented the buyer, Andrew Carton & Barry R. Lundgren. The sale price achieved in this transaction has set a new benchmark for similar condo warehouses in the area. The developer is scheduled to deliver three more similar properties by Summer 2022.
Players
Miami 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
1.92%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93