Marcus & Millichap Sells Multifamily Property In Miami Beach For $4.52M With Seller's Reps Arash Gohari & Lee Cohen
SOLD
$4,520,000
Florida
See Similar DealsMultiFamily11,975 SF
Sold 10/28/2022
SOLD
Marcus & Millichap Sells Multifamily Property In Miami Beach For $4.52M With Seller's Reps Arash Gohari & Lee Cohen
7291 Gary Avenue, Miami Beach, Florida 33141, United States
See Similar DealsMultiFamily11,975 SF
Sold 10/28/2022
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$377
Total Square Footage:11,975 SF
Transaction Type:Sale
A multifamily property located at 7291 Gary Ave in Miami Beach was recently sold for a total price of $4,520,000. The property consists of 18 units, with an average price per unit of $251,111. The total square footage of the property is 11,975, resulting in a price per square foot of $377.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,520,000
- Units: 18
- Price per Unit: $251,111
- Square Footage: 11,975
- Price per Square Foot: $377
- Address: 7291 Gary Ave, Miami Beach
The sellers of the property were Arash Gohari from 27 Capital and Lee Cohen from RedHoek+Partners. The transaction was facilitated by brokers Joseph Thomas, Adam Duncan, and Alec Demetriou, who represented the sellers through Marcus & Millichap. It is worth noting that the property was bought exactly 1 year ago, according to the sellers.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$241,066.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$16,058.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,427.11
Annual Debt Service$257,125.27
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