Apple Core Holdings Acquires Mixed-Use Property On Miami Beach For $32.5M
SOLD
$32,500,000
Florida
See Similar DealsMixed-use19,000 SF
Sold 12/24/2019
SOLD
Apple Core Holdings Acquires Mixed-Use Property On Miami Beach For $32.5M
1200 Ocean Drive, Miami Beach, FL, USA
See Similar DealsMixed-use19,000 SF
Sold 12/24/2019
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$1,710
Total Square Footage:19,000 SF
Transaction Type:Sale
The mixed-use property located at 1200 Ocean Drive in Miami Beach has been sold for a total of $32,500,000. The transaction took place on December 24, 2019. The property spans a total area of 19,000 square feet, resulting in a price per square foot of $1,710.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $32,500,000
- Address: 1200 Ocean Drive
- Market: Miami Beach
The seller of the property was Infinity Real Estate, while the buyer was Apple Core Holdings represented by Steve Klein. The deal was facilitated by Aaron Labovitz from Newmark Knight Frank.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,733,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$115,465.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$154,066.58
Annual Debt Service$1,848,798.97
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