Lloyd Jones Acquires Multifamily Property In Little Havana, Miami For $92M
SOLD
$92,000,000
Florida
See Similar DealsMultiFamily159,431 SF
Sold 06/30/2022
SOLD
Lloyd Jones Acquires Multifamily Property In Little Havana, Miami For $92M
700 Southwest 1st Street, Miami, Florida 33135, United States
See Similar DealsMultiFamily159,431 SF
Sold 06/30/2022
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$577
Total Square Footage:159,431 SF
Transaction Type:Sale
The multifamily property located at 700 SW 1st St in Little Havana, Miami, was recently sold for a total of $92,000,000. The transaction took place on 06/30/2022 and involved 194 units, resulting in a purchase price per unit of $474,227. The property spans a total of 159,431 square feet, equating to a price per square foot of $577. The sale was facilitated by brokers Still Hunter and Kaya Suarez from Walker & Dunlop.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $92,000,000
- Units: 194
- Price per Unit: $474,227
- Square Footage: 159,431
- Price per Square Foot: $577
- Market: Little Havana, Miami
Lloyd Jones served as the buyer in this transaction, while the sellers were Hannes Schoeckler, Roger Karre, and Robert Pichler. The deal was successfully closed with the assistance of brokers Still Hunter and Kaya Suarez from Walker & Dunlop.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$326,856.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$436,126.94
Annual Debt Service$5,233,523.23
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