Baxter Building Corporation Acquires Land Assemblage In Miami For $9 Million With Lender Grove Bank & Trust
49 Northwest 35th Street & 3511 Northwest 1st Avenue
$9,000,000
$155/SF
Building Size
57,732 SF
Asset Type
Land
Closing
Jan 22, 2025
AI
The asset involved in this transaction is a 6-lot assemblage of land located at 49-69 Northwest 35th Street & 3511 Northwest 1st Avenue in the Miami market. The total sale price of the property was $9,000,000, with a total square footage of 28,866 and a price per square foot of $312. The land spans approximately 0.66 acres and was sold in parts by multiple entities.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $9,000,000
- Buyer: Amanda, Bob & Eric Baxter - Baxter Building Corporation
- Seller: Melborn Investments LLC, Wynwood Equity Partners LLC & JNL Wynwood LLC
- Broker: George Belesis - DWNTWN Realty Advisors
- Lender: Grove Bank & Trust
- Loan Amount: $2.95 million
Baxter Building Corporation, based in Hudson Valley, acquired the property with plans to demolish existing improvements. The transaction involved multiple sellers and reflects a significant investment in the Miami area.
Miami Land Market Snapshot
Boundary boundary · Land · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93