Gus Goldsmith & 7 Crowns Acquire Multifamily Property In North Miami Beach For $6,250,000
1969 North Glades Drive, 1979 North Glades Drive, 1989 North Glades Drive & 1999 North Glades Drive
$6,250,000
$59/SF
Building Size
105,120 SF
Asset Type
MultiFamily
Closing
Mar 27, 2024
AI
The multifamily property located at 1969, 1979, 1989 & 1999 North Glades Drive in North Miami Beach has been sold for $6,250,000. The property features 32 units with a price per unit of $195,313. The total square footage of the property is 26,280 square feet, amounting to a price per square foot of $238.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,250,000
- Units: 32
- Price Per Unit: $195,313
- Square Footage: 26,280
- Price Per Square Foot: $238
- Address: 1969, 1979, 1989 & 1999 North Glades Drive
- Market: North Miami Beach
- Buyer: Gus Goldsmith & 7 Crowns
- Seller: Norman Reiz
- Broker: Gil Marianowsky - US Realty Hub
Gil Marianowsky from US Realty Hub represented the deal involving the purchase of the multifamily property by Gus Goldsmith and 7 Crowns from seller Norman Reiz.
Players
North Miami Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.54%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93