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Dezer Platinum Realty Acquires South Beach MultiFamily On West Ave In Miami Beach

Property Image
SOLD
$5,400,000
Mike Tewel
Daniel Wolf
Demian Pack

Florida

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MultiFamily9,858 SF
Sold 08/23/2023
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Property Image
SOLD

Dezer Platinum Realty Acquires South Beach MultiFamily On West Ave In Miami Beach

1240 11th St Miami Beach, FL 33139, USA

See Similar Deals
MultiFamily9,858 SF
Sold 08/23/2023
Mike Tewel
Daniel Wolf
Demian Pack
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$547
Total Square Footage:9,858 SF
Transaction Type:Sale

A multi-family property located at 1240 11th Street in Miami Beach has been sold for a price of $5,400,000. This South Beach multi-family building is situated on West Ave and spans a total area of 9,858 square feet. The property consists of 12 units, making the price per unit $450,000. The price per square foot is estimated at $548.

Summary of transaction details

  • Property Type: MultiFamily
  • Transaction Amount: $5,400,000
  • Units: 12
  • Price per Unit (PPU): $450,000
  • Square Footage (SF): 9,858
  • Price per Square Foot (PPSF): $548
  • Address: 1240 11th Street, Miami Beach
  • Market: Miami Beach

In this off-market sale, the buyer's representative was Demian Pack of Dezer Platinum Realty. On the other hand, the seller's representatives were Mike Tewel and Daniel Wolf from Buyers Realty Miami. The transaction was facilitated between the buyer and the seller through their respective agents.

Players

Daniel Wolf
Daniel Wolf
3 deals$5.4M volume
BROKER
Mike Tewel
Mike Tewel
4 deals$9.1M volume
BROKER
Demian Pack
Dezer Platinum Realty
Demian Pack
3 deals$10.7M volume(786) 505-8009
BROKER

Details

SOLD
IMAGE: Daniel Wolf, Mike Tewel & Demian Pack DATE: 08/23/2023 ADDRESS: 1240 11th Street MARKET: Miami Beach ASSET TYPE: MultiFamily BUYER'S REP: Demian Pack (@PackRealEstate) - Dezer Platinum Realty (@DezerPlatinumRealty) SELLER'S REP: Mike Tewel (@MikeTewel) & Daniel Wolf (@DwolfCommercial) - Buyers Realty Miami (@BuyersRealtyMiami) SALE PRICE: $5,400,000 UNITS: 12 ~ PPU: $450,000 SF: 9,858 ~ PPSF: $548 NOTE FROM SELLER'S REP: This South Beach multi-family building is located on West Ave in South Beach and traded in a UNPBLSHD Off-Market sale.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$288,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,185.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,598.75
Annual Debt Service$307,185.06