Updated Dec 4, 2024
Andy Ansin Of Sunbeam Properties Purchases Multifamily Units In North Bay Village For $8M
1639 North Treasure Drive
$8,000,000
Units
24
Asset Type
MultiFamily
Closing
Sep 18, 2024
About this deal
AI
The property asset involved in this transaction is a multifamily condominium located at 1639 North Treasure Drive in North Bay Village. The sale was executed for a total price of $8,000,000. The asset consists of 24 units, resulting in a price per unit of $333,333. The building was originally constructed in 1952 and faced significant repair costs, leading to the sale.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Units: 24
- Price Per Unit: $333,333
- Buyer: Andy Ansin - Sunbeam Properties
- Broker Representatives: Marilina Apfelbaum & Samuel Heskiel - Beachfront Realty
Sunbeam Properties, under the leadership of the Ansin family, intends to demolish the existing building to integrate the land into a larger redevelopment project. This project has been approved to include over 1,900 residential units, office space, retail units, and a hotel. The decision to sell was reached unanimously among the unit owners due to the high cost of necessary repairs for the condominium.
On the Map
$8,000,000
MultiFamily
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North Bay Village 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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93