Updated Dec 4, 2024
Michael Portuondo Acquires Little Haiti & Little River Multifamily For $8.65M
5500 North Miami Avenue & 31 Northwest 77th Street
$8,650,000
$186/SF
Building Size
23,162 SF
Asset Type
MultiFamily
Closing
Jan 16, 2024
About this deal
AI
A multifamily property located at 5500 North Miami Avenue and 31 Northwest 77 Street in Little Haiti and Little River has been sold for a total price of $8,650,000. The property consists of 48 units with a price per unit of $180,208. The total square footage of the property is 23,162, resulting in a price per square foot of $373.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $8,650,000
- Address: 5500 North Miami Avenue & 31 Northwest 77 Street
- Market: Little Haiti & Little River
The buyer of this property is Michael Portuondo, while the seller is Thomas Neary. Kris Rodriguez from Fordome Investment Group represented the buyer as their representative in the deal. On the other hand, Gridline Properties had two representatives, Ernie Perez, and Alfredo Riascos, representing the seller.
On the Map
$8,650,000
$186/SF
MultiFamily
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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
1.83%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93