Constantino Cicchelli, Stefano Garofoli & Francisco Rodriguez Melo Acquire Multifamily Property In Little Havana For $8.5M
SOLD
$8,500,000
Florida
See Similar DealsMultiFamily29,321 SF
Sold 03/08/2023
SOLD
Constantino Cicchelli, Stefano Garofoli & Francisco Rodriguez Melo Acquire Multifamily Property In Little Havana For $8.5M
425 Southwest 10th Avenue
See Similar DealsMultiFamily29,321 SF
Sold 03/08/2023
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$289
Total Square Footage:29,321 SF
Transaction Type:Sale
A multi-family property located at 425 SW 10th Ave in Little Havana has been sold for a total of $8,500,000. The property consists of 58 units with an average price per unit of $146,552. The total square footage of the property is 29,321, resulting in a price per square foot of $290.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $8,500,000
- Address: 425 SW 10th Ave, Little Havana
- Buyer: Constantino Cicchelli, Stefano Garofoli & Francisco Rodriguez Melo
- Seller: Ishak Wanounou
- Brokers: Frank Rodriguez Melo & Ray Borr - Cedano Realty Advisors
- Units: 58
- Price Per Unit: $146,552
- Total Square Footage: 29,321
- Price Per Square Foot: $290
Constantino Cicchelli, Stefano Garofoli, and Francisco Rodriguez Melo have acquired the property from Ishak Wanounou. The deal was facilitated by brokers Frank Rodriguez Melo and Ray Borr of Cedano Realty Advisors.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$453,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04
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