CitizenM Acquires Mixed-Use Property On Alton Road, Miami Beach For $9M
SOLD
$9,000,000
Florida
See Similar DealsMixed-use92,725 SF
Sold 07/02/2020
SOLD
CitizenM Acquires Mixed-Use Property On Alton Road, Miami Beach For $9M
1212 Lincoln Road, Miami Beach, FL, USA
See Similar DealsMixed-use92,725 SF
Sold 07/02/2020
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$97
Total Square Footage:92,725 SF
Transaction Type:Sale
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.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$480,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10
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