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233 1st Street

233 First Street Acquired By Brenden D. Soucy For $2.55M In Miami Beach Multifamily Sale
SOLDMultiFamily

233 First Street Acquired By Brenden D. Soucy For $2.55M In Miami Beach Multifamily Sale

233 1st Street

$2,550,000

$891/SF

Building Size

2,860 SF

Asset Type

MultiFamily

Closing

Oct 25, 2023

AI

The multi-family property located at 233 1st Street in Miami Beach has been sold in a recent transaction. The property consists of 4 units spanning across 2,860 square feet. The sale price for this transaction was $2,550,000, resulting in a price per unit of $637,500. The price per square foot for the property is $892. The property was initially listed for $2,500,000.

Summary of transaction details

  • Property Type: MultiFamily
  • Transaction Amount: $2,550,000
  • Address: 233 1st Street, Miami Beach
  • Market: Miami Beach
  • Units: 4
  • Square Feet: 2,860
  • Price per Unit: $637,500
  • Price per Square Foot: $892

The buyer for this property is 233 First Street represented by Brenden D. Soucy. The seller is Brian R. Hersh, who previously owned the Inspiration Bed And Breakfast And Health Spa. The deal was facilitated by brokers Dayanne Costa and Arthur Porosoff from The Porosoff Group at Compass.

Players

Arthur David Porosoff

POROSOFF

Broker

$180.7M

vol

25 deals

Broker

Brenden D. Soucy

Buyer

$22.6M

vol

2 deals

Buyer

Piqua 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

6.22%

Cash-on-Cash

-1.78%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93