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Palm Bay Flats LLC Acquires 12-Unit Multifamily In North Miami For $1.865M

Property Image
SOLD
$1,865,000
Nicholas McAndrew
Felipe Echarte
Evan Kristol

Florida

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MultiFamily
Sold 02/22/2023
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Property Image
SOLD

Palm Bay Flats LLC Acquires 12-Unit Multifamily In North Miami For $1.865M

670 Northeast 122nd Street, North Miami, Florida 33161, United States

See Similar Deals
MultiFamily
Sold 02/22/2023
Nicholas McAndrew
Felipe Echarte
Evan Kristol
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily property located at 670 N.E. 122nd St in North Miami was recently sold for a price of $1,865,000. The property, spanning 0.40 acres, consists of 12 units, resulting in a per unit price of $155,416. The sale of this property was completed on 02/22/2023.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $1,865,000
  • Address: 670 N.E. 122nd St
  • Market: North Miami
  • Acres: 0.40
  • Units: 12
  • Price Per Unit: $155,416

Palm Bay Flats LLC acquired the property from Palm Bay Apartments, LLC. The transaction was facilitated by the brokers Nicholas McAndrew, Evan P. Kristol, and Felipe J. Echarte from Marcus & Millichap.

Players

Evan Kristol
Marcus & Millichap
Evan Kristol
58 deals$409.7M volume
BROKER
Felipe Echarte
Marcus & Millichap
Felipe Echarte
43 deals$329.1M volume
BROKER
Nicholas McAndrew
Marcus & Millichap
Nicholas McAndrew
16 deals$68M volume(954) 245-3526
BROKER

Details

SOLD
IMAGE: Felipe J. Echarte, Evan P. Kristol & Nicholas McAndrew DATE: 02/22/2023 ADDRESS: 670 N.E. 122nd St MARKET: North Miami ASSET TYPE: Multifamily ~ ACRES: 0.40 BUYER: Palm Bay Flats LLC SELLER: Palm Bay Apartments, LLC BROKERS: Nicholas McAndrew (@Nickmc561), Evan P. Kristol (@Evan.Kristol), & Felipe J. Echarte (@Echarte1) - Marcus & Millichap (@MarcusMillichap_Fl) SALE PRICE: $1,865,000 UNITS: 12 ~ PPU: $155,416

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,625.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,841.05
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