Iconiq Capital Acquires Mixed-Use Property In Miami For $77M
SOLD
$77,000,000
+ 1
Florida
See Similar DealsMixed-use250,000 SF
Sold 02/17/2021
SOLD
Iconiq Capital Acquires Mixed-Use Property In Miami For $77M
51 Northwest 26th Street, Miami, FL, USA
See Similar DealsMixed-use250,000 SF
Sold 02/17/2021
+ 1
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$308
Total Square Footage:250,000 SF
Transaction Type:Sale
Iconiq Capital has acquired a mixed-use property located at 51 Northwest 26th Street in Miami. The transaction took place on February 17, 2021, with a sale price of $77,000,000. The property consists of 175 units, with each unit priced at approximately $440,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $77,000,000
- Address: 51 Northwest 26th Street
- Market: Miami
- Buyer: Iconiq Capital
- Seller: Related Group - Jon Paul Perez & Block Capital Group - Gustavo Miculitzki
- Brokers: Scott Wadler, Jaret Turkell, Roberto Pesant, Omar Morales - Berkadia
- Units: 175
- Price Per Unit: $440,000
The deal was facilitated by Scott Wadler, Jaret Turkell, Roberto Pesant, and Omar Morales from Berkadia. The sellers, Jon Paul Perez from Related Group and Gustavo Miculitzki from Block Capital Group, successfully closed the transaction with Iconiq Capital for the mixed-use property in Miami.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,106,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$273,564.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$365,019.28
Annual Debt Service$4,380,231.40
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