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5875 Collins Ave, Miami Bea...

Kim Rodstein Acquires MEI Condo In Miami Beach For $5M
SOLDMultiFamily

Kim Rodstein Acquires MEI Condo In Miami Beach For $5M

5875 Collins Ave, Miami Beach, FL, USA

$5,000,000

$1,646/SF

Building Size

3,037 SF

Asset Type

MultiFamily

Closing

May 5, 2021

AI

A one-of-a-kind developer combination unit at MEI Condominium in Miami Beach has recently been sold. The property, located at 5875 Collins Ave unit 1801/1802, offers 3,037 square feet of living space and boasts 3 bedrooms and 3.5 bathrooms. The sale price for this condo was $5,000,000, with an asking price of $5,195,000. The price per square foot was approximately $1,646.

Summary of transaction details

  • Property Type: Condo
  • Transaction Amount: $5,000,000
  • Address: 5875 Collins Ave unit 1801/1802
  • Market: Miami Beach

This unique unit features a double corner layout, allowing for a north-to-south flow and offering nearly 100 linear feet of direct eastern exposure. The interior spans 4,500 square feet, including both indoor and outdoor living spaces. The unit has been fully upgraded, with highlights such as an expanded master suite, a state-of-the-art kitchen and bar, and a laundry room. Additionally, it comes equipped with a surround-sound Wisdom audio system and a sound-proof recording studio. Other notable features include custom Sub Zero wine storage, built-in TV mirrors, and Holly Hunt light fixtures.

Representing the buyer in this transaction was Kim Rodstein from Kim Rodstein Real Estate. For any future property inquiries, you can contact Kim Rodstein at 305.776.8646. Meanwhile, Hayley Wilson from Hayley Miami Realty acted as the seller's representative. If you have any real estate needs, you can reach out to Hayley Wilson at 631.603.5124.

Players

Hayley Dodge

Compass

Broker

$29.6M

vol

5 deals

Broker

Miami Beach 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

3.17%

Cash-on-Cash

-0.91%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93