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725 Northeast 24th Street

David Merino Acquires Mixed-Use Property In Miami For $4.7M
SOLDMixed-use

David Merino Acquires Mixed-Use Property In Miami For $4.7M

725 Northeast 24th Street

$4,700,900

$1,566,966/SF

Building Size

3 SF

Asset Type

Mixed-use

Closing

Aug 11, 2022

AI

The mixed-use property located at 725 NE 24th St in Miami has been sold for a price of $4,700,900. Covering an area of 3,812 square feet, the property was acquired by David Merino. The sale transaction took place on 11/08/2022 and involved the seller, The Melo Group, and the buyer's representative, Steven Kupchan from Compass Florida, as well as the seller's representative, John Reza Parsiani from Parsiani Real Estate.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $4,700,900
  • Address: 725 NE 24th St, Miami
  • Buyer: David Merino
  • Seller: The Melo Group
  • Buyer's Rep: Steven Kupchan - Compass Florida
  • Seller's Rep: John Reza Parsiani - Parsiani Real Estate

Steven Kupchan from Compass Florida represented David Merino as the buyer's representative in this transaction. On the other hand, John Reza Parsiani from Parsiani Real Estate acted as the seller's representative, assisting The Melo Group in the sale.

Players

John Reza Parsiani

Broker

$4.7M

vol

1 deal

Broker

David Merino

Buyer

$14.5M

vol

3 deals

Buyer
Melo Group
Melo GroupSeller

Miami Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.37%

Cash-on-Cash

-0.96%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93