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SK Realty Management Sells North Miami Multifamily Asset For $16.5 Million With Broker Representation

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SOLD
$16,500,000

Florida

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MultiFamily86,649 SF
Sold 12/20/2024
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Property Image
SOLD

SK Realty Management Sells North Miami Multifamily Asset For $16.5 Million With Broker Representation

14555 Northeast 6th Avenue

See Similar Deals
MultiFamily86,649 SF
Sold 12/20/2024
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$190
Total Square Footage:86,649 SF
Transaction Type:Sale

The asset involved in the transaction is a multifamily property located at 14555 Northeast 6th Avenue in North Miami. It comprises 83 units and spans a total area of 86,649 square feet. The sale price for this transaction was $16,500,000, resulting in a price per unit of $198,795 and a price per square foot of $190.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $16,500,000
  • Units: 83
  • Square Footage: 86,649
  • Price Per Unit: $198,795
  • Price Per Square Foot: $190
  • Seller: SK Realty Management
  • Buyer's Representative: Churchill Blackwood - Keller Williams Elite Properties
  • Seller's Representative: Felipe Echarte - Marcus & Millichap

The transaction was facilitated by Churchill Blackwood representing the buyer through Keller Williams Elite Properties and Felipe Echarte representing the seller with Marcus & Millichap. The successful closure of this deal highlights the involvement of these key individuals in managing the sale process effectively.

Players

Felipe Echarte
44 deals$334.9M volume
BROKER

Churchill Blackwood
Keller Williams Realty
1 deal$16.5M volume(844) 699-1568
BROKER

Details

SOLD
IMAGE: Churchill Blackwood & Felipe Echarte DATE: 1/20/2024 ADDRESS: 14555 Northeast 6th Avenue MARKET: North Miami ASSET TYPE: Multifamily SELLER: SK Realty Management BUYER'S REP: Churchill Blackwood (@ChurchillBlackwood) - Keller Williams Elite Properties SELLER'S REP: Felipe Echarte (@Echarte1) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $16,500,000 UNITS: 83 ~ PPU: $198,795 SF: 86,649 ~ PPSF: $190

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

$880,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$58,621.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$78,218.42
Annual Debt Service$938,621.01