Martin Guyot Acquires Multifamily Property On Upper Eastside For $2.7M

The multifamily property located at 427 NE 62 St in the Upper Eastside / MiMo neighborhood of Miami has been sold. The property consists of 15 studio apartments and spans 4,218 square feet. The sale took place on March 4, 2022, with a sale price of $2,665,000. This translates to a price per square foot of $632.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,665,000
• Square Footage: 4,218
• Address: 427 NE 62 St, Miami
• Market: Upper Eastside / MiMo

The buyer in this transaction is Martin Guyot, while the seller is Kristopher Rodriguez represented by Fordome Investments LLC. It's worth noting that the property was originally purchased for $1.7 million in July of 2021, making this a significant profit for the seller. The sale was conducted as a direct cash deal. The transaction has set a new benchmark for price per square foot in the neighborhood, with a value of over $630 per square foot leasable.

Note from the seller: The sale of this property at nearly $180,000 per unit highlights the strong demand and value potential in the multifamily sector of the Upper Eastside / MiMo neighborhood.