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Serge Ibaka Acquires Multifamily Property In Coral Way, Miami For $5.75M

Property Image
SOLD
$5,750,000
Javier A. Ubeda
David Cohen
+ 1

Florida

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MultiFamily16,314 SF
Sold 08/19/2022
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Property Image
SOLD

Serge Ibaka Acquires Multifamily Property In Coral Way, Miami For $5.75M

1895 Southwest 22nd Street

See Similar Deals
MultiFamily16,314 SF
Sold 08/19/2022
Javier A. Ubeda
David Cohen
+ 1
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$352
Total Square Footage:16,314 SF
Transaction Type:Sale

The multifamily property located at 1895 SW 22nd St in Coral Way, Miami has been sold in a recent transaction. The property consists of 20 units with a total square footage of 16,314. The sale price for this asset was $5,750,000, resulting in a price per unit of $287,500 and a price per square foot of $352.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $5,750,000
  • Units: 20
  • Price per Unit: $287,500
  • Square Footage: 16,314
  • Price per Square Foot: $352

Serge Ibaka has purchased the property from Arthur Porosoff. The transaction was facilitated by brokers Arthur D. Porosoff, David M. Cohen, Javier A Ubeda, and Randy Lack-Marquina, who represent The Porosoff Group at Compass.

Players

25 deals$180.7M volume(305) 733-6066
BROKER


Javier A. Ubeda
Compass
13 deals$42.5M volume
BROKER

Randy Lack-Marquina
Compass
1 deal$5.8M volume
BROKER

Details

SOLD
IMAGE: Javier A Ubeda, Serge Ibaka, Arthur D. Porosoff & David M. Cohen DATE: 08/19/2022 ADDRESS: 1895 SW 22nd St MARKET: Coral Way, Miami ASSET TYPE: Multifamily BUYER: Serge Ibaka SELLER: Arthur Porosoff BROKERS: Arthur D. Porosoff (@ThePorosoffGroup), David M. Cohen (@DavCo2699), Javier A Ubeda (@Multifamilymiami) & Randy Lack-Marquina - The Porosoff Group - Compass SALE PRICE: $5,750,000 UNITS: 20 ~ PPU: $287,500 SF: 16,314 ~ PPSF: $352

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

$306,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$20,428.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,257.93
Annual Debt Service$327,095.20