Dana M. Kilburn Acquires Land In Miami Beach From Barry E. Somerstein For $22.25M
399 Ocean Drive
$22,250,000
Building Size
—
Asset Type
Land
Closing
Mar 30, 2026
AI
The property asset involved in this transaction is a land asset located at 399 Ocean Boulevard in Miami Beach. The sale price for this land was $22,250,000. The transaction closed on March 30, 2026.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $22,250,000
- Buyer: Dana M. Kilburn
- Seller: Barry E. Somerstein
- Address: 399 Ocean Boulevard
- Market: Miami Beach
The key individuals in this deal include Dana M. Kilburn, who acted as the buyer, and Barry E. Somerstein, the seller. This transaction highlights a significant land acquisition in the Miami Beach area, marking a notable exchange between these parties.
Players
Miami Beach Land Market Snapshot
Boundary boundary · Land · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93