Updated Oct 29, 2024
Atlantic Housing Foundation Acquires Affordable Housing Property In Miami River District From Mo Vaughn - Omni New York
431 Northwest 3rd Street, Miami, FL, USA
$6,800,000
$1/SF
Building Size
6,136,000 SF
Asset Type
MultiFamily
Closing
Mar 21, 2019
About this deal
AI
The property involved in this closed transaction is an affordable housing asset located at 431 Northwest Third St in the Miami River District of Miami. The building, which dates back to 1920, spans approximately 36,000 square feet and consists of 61 units. The transaction took place on 03/22/2019.
Summary of transaction details
- Property Type: Affordable Housing
- Transaction Amount: $6,800,000
- Price per square foot: $188
- Total units: 61
- Price per unit: $111,475
- Buyer: Atlantic Housing Foundation
- Seller: Mo Vaughn - Omni New York⚾️
- Market: Miami River District
- City: Miami
The buyer in this transaction is Atlantic Housing Foundation, while the seller is Mo Vaughn representing Omni New York⚾️. According to records, the building was last purchased for $2.2 million in 2004.
Players
Miami 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
2.33%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93