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Bay Drive LLC Acquires Multifamily Property On 1955-1965 Bay Drive In Miami Beach For $2.65M

Property Image
SOLD
$2,650,000

Florida

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MultiFamily9,304 SF
Sold 01/09/2023
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Property Image
SOLD

Bay Drive LLC Acquires Multifamily Property On 1955-1965 Bay Drive In Miami Beach For $2.65M

Bay Drive

See Similar Deals
MultiFamily9,304 SF
Sold 01/09/2023
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$284
Total Square Footage:9,304 SF
Transaction Type:Sale

The multifamily property located at 1955-1965 Bay Drive in Miami Beach has been recently sold in a closed transaction. The property consists of 12 units with a total square footage of 9,304. The sale price for this off-market, value-add property was $2,650,000, resulting in a per unit price of $220,833 and a price per square foot of $285.

Summary of transaction details

  • Property Type: Multifamily
  • Sale Price: $2,650,000
  • Number of Units: 12
  • Price per Unit: $220,833
  • Total Square Footage: 9,304
  • Price per Square Foot: $285
  • Market: Miami Beach

Ingrid Andres from The Island represented the seller, Josh Stein, as well as the buyer, Bay Drive LLC, in this seamless double escrow closing. This transaction was successfully completed, allowing both parties to achieve their respective goals in the deal.

Players

Ingrid Andres
Exclusively Yours Realty
Ingrid Andres
8 deals$20.9M volume
BROKER

Details

SOLD
IMAGE: Ingrid Andres & Josh Stein DATE: 01/09/2023 ADDRESS: 1955-1965 Bay Drive MARKET: Miami Beach ASSET TYPE: Multifamily BUYER: Bay Drive LLC SELLER: Josh Stein (@Josh_aaron5) BROKER: Ingrid Andres (@Realestate_ing) - The Island (@TheIslandRealEstate) SALE PRICE: $2,650,000 UNITS: 12 ~ PPU: $220,833 SF: 9,304 ~ PPSF: $285 NOTE FROM BROKER: Represented seller/buyer in this seamless, double escrow closing. OFF-MARKET, Value-Add

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

$141,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,414.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,562.35
Annual Debt Service$150,748.22