Russell Galbut Acquires Development Site On 6th St In Miami Beach For $5.7M
1030 6th Street, Miami Beach, Florida 33139, United States
$5,700,000
$2,106/SF
Building Size
2,706 SF
Asset Type
MultiFamily
Closing
Jun 22, 2022
AI
Russell Galbut has purchased a development site in Miami Beach for a total of $5,700,000. The property, located at 1030-1050 6th St, is a 15,000 square feet development site. The buyer was represented by Gema Ruiz and Francisco Rodriguez Melo of Cedano Realty Advisors, a Miami-based boutique real estate firm. The seller in this transaction was Jose Fernandez.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,700,000
- Address: 1030-1050 6th St, Miami Beach
- Market: Miami Beach
Gema Ruiz, P.A., Senior VP of Multifamily Sales with Cedano Realty Advisors, represented both the buyer, Russell Galbut, and the seller, Jose Fernandez, in this deal. Russell Galbut will be developing a hotel on the purchased land. Gema Ruiz is part of Cedano Realty Advisors, a Miami-based boutique real estate firm led by Frank R Melo, CCIM. The firm specializes in multifamily and retail acquisitions and management.
Players
Miami Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.78%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93