7 Crowns Acquires Miami Multifamily From Cesar Alvarez For $2.8M
SOLD
$2,800,000
Florida
See Similar DealsMultiFamily58,208 SF
Sold 11/30/2023
SOLD
7 Crowns Acquires Miami Multifamily From Cesar Alvarez For $2.8M
1920 Northwest 29th Street
See Similar DealsMultiFamily58,208 SF
Sold 11/30/2023
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$48
Total Square Footage:58,208 SF
Transaction Type:Sale
A multifamily property located at 1910-1920 Northwest 29th Street in Miami has been sold for a price of $2,800,000. The property consists of 16 units, with a per unit price of $175,000. It spans a total square footage of 29,104, at a price per square foot of $96.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,800,000
- Units: 16
- Price per Unit: $175,000
- Square Footage: 29,104
- Price per Square Foot: $96
- Market: Miami
The buyer of the property is 7 Crowns, while Cesar Alvarez is the seller. The deal was facilitated by Nicholas McAndrew and Felipe Echarte, who represent Marcus & Millichap as brokers in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$149,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,947.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,273.43
Annual Debt Service$159,281.14
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