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Francisco Rodriguez Melo, Stefano Garofoli & Costantino Cicchelli Acquire Mixed-use Property In Little Havana, Miami For $800K

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SOLD
$800,000

Florida

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Mixed-use7,159 SF
Sold 04/12/2022
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Property Image
SOLD

Francisco Rodriguez Melo, Stefano Garofoli & Costantino Cicchelli Acquire Mixed-use Property In Little Havana, Miami For $800K

1626 West Flagler Street, Miami, Florida 33135, United States

See Similar Deals
Mixed-use7,159 SF
Sold 04/12/2022
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Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$111
Total Square Footage:7,159 SF
Transaction Type:Sale

The property asset involved in this transaction is a mixed-use building located at 1626 W Flagler St in the Little Havana market of Miami. The asset consists of 7,159 square feet and was listed at an asking price of $1,500,000. The final sale price was $800,000, equating to a price per square foot of $112.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $800,000
  • Address: 1626 W Flagler St
  • Market: Little Havana, Miami
  • Square Footage: 7,159 SF
  • Asking Price: $1,500,000
  • Price per Square Foot: $112
  • Buyer: Francisco Rodriguez Melo, Stefano Garofoli, Costantino Cicchelli
  • Seller: Luigi Scaffidi
  • Broker: Cedano Realty Advisors

The deal featured prominent individuals such as the buyers Francisco Rodriguez Melo, Stefano Garofoli, and Costantino Cicchelli, who collectively acquired the property from seller Luigi Scaffidi. The transaction was facilitated by Cedano Realty Advisors, emphasizing the involvement of experienced professionals in the real estate field throughout the process.

Players

9 deals$34M volume
BROKER

BUYER

Stefano Garofoli
9 deals$34M volume
BUYER

Stefano Garofoli
9 deals$34M volume
BUYER

Details

SOLD
IMAGE: Costantino Cicchelli, Francisco Rodriguez Melo & Stefano Garofoli DATE: 04/12/2022 ADDRESS: 1626 W Flagler St MARKET: Little Havana, Miami ASSET TYPE: Mixed-use BUYER: Francisco Rodriguez Melo (@Cybmelo), Stefano Garofoli & Costantino Cicchelli SELLER: Luigi Scaffidi BROKER: Cedano Realty Advisors (@Multifamily_Florida) ASKING PRICE: $1,500,000 SALE PRICE: $800,000 SF: 7,159 ~ PPSF: $112

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$42,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$2,842.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,792.41
Annual Debt Service$45,508.90