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1375 Northeast 123rd Street

Todd Stock And John Sasso Lease Office Space In North Miami To Tenant Represented By Shalom Edelkopf
LEASEDMultiFamily

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:

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

Juan Andres Nava

Metro 1 Commercial

Broker

$193.4M

vol

35 deals

Broker

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