Ernesto Conrad Acquires Multifamily Property In MiMo District, Miami For $1.35M
SOLD
$1,350,000
Florida
See Similar DealsMultiFamily4,763 SF
Sold 02/10/2022
SOLD
Ernesto Conrad Acquires Multifamily Property In MiMo District, Miami For $1.35M
537 NE 66 St, Miami, Florida 33138, United States
See Similar DealsMultiFamily4,763 SF
Sold 02/10/2022
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$283
Total Square Footage:4,763 SF
Transaction Type:Sale
Located in the MiMo District of Miami, this multifamily property at 537 NE 66 St has recently been sold in a transaction facilitated by Ernie Perez of Gridline Properties. The sale, which took place on February 10, 2022, involved the buyer Ernesto Conrad and the seller Thomas Neary.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,350,000
- Units: 8
- Price per Unit: $168,750
- Square Footage: 4,763
- Price per Square Foot: $283
This transaction marks an important milestone for both the buyer and the seller. Ernesto Conrad made a significant investment in acquiring this multifamily property. Meanwhile, Thomas Neary successfully completed the sale, realizing the value of the asset. Through the expertise of Ernie Perez from Gridline Properties, the deal was successfully negotiated and closed.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$72,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$4,796.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,399.69
Annual Debt Service$76,796.26
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