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1234 Washington Avenue, Mia...

Location Ventures Acquires Mixed-Use Property On Washington Avenue In Miami For $20M
SOLDMixed-use

Location Ventures Acquires Mixed-Use Property On Washington Avenue In Miami For $20M

1234 Washington Avenue, Miami Beach, FL, USA

$20,000,000

$597/SF

Building Size

33,488 SF

Asset Type

Mixed-use

Closing

May 3, 2021

AI

1234–1260 Washington Avenue in Miami has been sold in a recent transaction. The mixed-use property, spanning 33,488 square feet, was acquired by Location Ventures for a price of $20,000,000. The sale price equates to a price per square foot of $597. The property's sale was finalized on 5th April 2021.

Summary of Transaction Details:

  • Property Type: Mixed-use
  • Transaction Amount: $20,000,000
  • Address: 1234–1260 Washington Avenue, Miami
  • Market: Miami
  • Buyer: Location Ventures - Rishi Kapoor
  • Seller: 1234 Partners Ltd - Jimmy Resnick & Jonathan Fryd
  • Square Footage: 33,488
  • Price per Square Foot: $597

Location Ventures, represented by Rishi Kapoor, acquired the property from 1234 Partners Ltd. The seller's representatives in the deal were Jimmy Resnick and Jonathan Fryd. This transaction reflects the active real estate market in Miami, showcasing the demand for mixed-use properties in the area.

Players

Rishi Kapoor

Location Ventures

Buyer

$1.9B

vol

16 deals

Buyer

Jonathan Fryd

Seller

$198.5M

vol

10 deals

Seller

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

0.79%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93