Todd Stock And John Sasso Lease Office Space In North Miami To Tenant Represented By Shalom Edelkopf
1375 Northeast 123rd Street
$28
$28/SF
Building Size
11,838 SF
Asset Type
MultiFamily
Closing
Nov 15, 2024
AI
The property asset involved in the transaction is located at 1375 Northeast 123rd Street in North Miami. It is classified as an office space with a total square footage of 11,838. The asking rent for this property is set at $28 per foot. The lease term established is for 5 years under a NNN Lease structure. The location is part of the NoMi Rail project, which is situated near Biscayne Blvd and the Brightline tracks, providing strategic access between key areas in Miami.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $28/ft
- Lease Term: 5 Years
- Lease Type: NNN Lease
- Address: 1375 Northeast 123rd Street
- Market: North Miami
- Landlord: Todd Stock & John Sasso
- Landlord's Rep: Juan Andres Nava & Samuel Smith - Metro 1 Commercial
- Tenant's Rep: Shalom Edelkopf - LoKation® Real Estate
This transaction highlights the involvement of key individuals and firms, including landlords Todd Stock and John Sasso. The landlord's representation was handled by Juan Andres Nava and Samuel Smith from Metro 1 Commercial. The tenant's representation was managed by Shalom Edelkopf from LoKation® Real Estate. Notably, the NoMi Rail project also features another building located at 12214-12260 NE 13 Court, accommodating units ranging from 2,300 SF to 12,500 SF, designed for various creative use cases.
Players
North Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
566535.71%
Cash-on-Cash
-161917.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93