David Portnoy Leases Fully Furnished Three Bedroom Apartment In Miami Beach For $35,000 Monthly
1 Hotel South Beach, Collins Avenue, Miami Beach, FL, USA
Building Size
—
Asset Type
MultiFamily
Closing
Jan 10, 2021
AI
The three-bedroom apartment rental located at @1HomesSB in Miami Beach was leased by David Portnoy, the President of Barstool Sports. The unit is fully furnished and comes with housekeeping and concierge services. The property boasts four pools, 600 linear feet of beachfront, and a spacious fitness center and spa.
Summary of transaction details:
- Property Type: Apartment Rental
- Tenant: David Portnoy
- Brokers: Richard Goihman & Neal Klotsman of Douglas Elliman
- Market: Miami Beach
- Rent: $35,000 (Monthly)
David Portnoy celebrated New Year's Eve at Dave Grutman's Swan Miami, along with Anitta, Tyga, and Meek Mill.
Fun Facts:
- In May 2020, David Portnoy's net worth was reported to be over $100 million. Multiple sources now estimate his net worth to be over $120 million.
- In the last month, Barstool Fund, a COVID fundraiser initiated by Portnoy, has raised over $20 million to support 92 small businesses.
Players
Miami Beach 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93