facebook

traded

+ Submit
Home

/

Deals

/

Florida

/

Multifamily

/

Lease

/

1 Hotel South Beach, Collin...

David Portnoy Leases Fully Furnished Three Bedroom Apartment In Miami Beach For $35,000 Monthly
LEASEDMultiFamily

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:

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

Richard Goihman

Douglas Elliman

Broker

$17.2M

vol

4 deals

Broker
Dave Portnoy

Dave Portnoy

Barstool Sports

Tenant

$93.5M

vol

7 deals

Tenant

Miami Beach MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Lease transactions

Loading comparables…

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