CitizenM Acquires Mixed-Use Property On Alton Road, Miami Beach For $9M
1212 Lincoln Road, Miami Beach, FL, USA
$9,000,000
$97/SF
Building Size
92,725 SF
Asset Type
Mixed-use
Closing
Jul 1, 2020
About this deal
AI
Located at 1212 Lincoln Rd in the Alton Road market of Miami Beach, a mixed-use property with a hotel portion has recently been sold for a price of $9,000,000. The transaction took place on July 2, 2020.
Summary of transaction details
- Property Type: Mixed-Use (Hotel Portion)
- Transaction Amount: $9,000,000
- Address: 1212 Lincoln Rd
- Market: Alton Road, Miami Beach
The buyer in this deal is CitizenM, represented by Rattan Chadha, while the seller is Crescent Heights, represented by Russell Galbut. This transaction marks the transfer of ownership from Crescent Heights to CitizenM, positioning CitizenM as the new owner of the mixed-use property located at 1212 Lincoln Rd.
Miami Beach Mixed-use Market Snapshot
Boundary boundary · Mixed-use · 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