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CedarSt Acquires Multifamily Property On N Andrews Ave In Fort Lauderdale For $6.5M

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SOLD
$6,500,000

Florida

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MultiFamily
Sold 06/09/2022
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Property Image
SOLD

CedarSt Acquires Multifamily Property On N Andrews Ave In Fort Lauderdale For $6.5M

745 North Andrews Avenue, Fort Lauderdale, Florida 33301, United States

See Similar Deals
MultiFamily
Sold 06/09/2022
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

Located at 745 N Andrews Ave in Fort Lauderdale, this multifamily property spans 1.46 acres. The transaction took place on 06/10/2022, with CedarSt as the buyer and Bingsong Li as the seller. The property was sold for $6,500,000. Jesse Pan from Coldwell Banker and Daniel Solomon from Katz & Associates represented the seller in this deal.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $6,500,000
  • Address: 745 N Andrews Ave, Fort Lauderdale
  • Market: Fort Lauderdale
  • Buyer: CedarSt
  • Seller: Bingsong Li
  • Seller's Representative: Jesse Pan - Coldwell Banker; Daniel Solomon - Katz & Associates

This sale showcases the successful collaboration between CedarSt and Bingsong Li. Daniel Solomon from Katz & Associates and Jesse Pan from Coldwell Banker played significant roles as the seller's representatives. With its prime location in Fort Lauderdale and a size of 1.46 acres, this multifamily property presented an attractive investment opportunity for CedarSt.

Players

Jesse Pan
1 deal$6.5M volume
BROKER

Daniel Solomon
Katz & Associates Real Estate Advisors
7 deals$37.1M volume(954) 401-2181
BROKER

Matthews
BROKERAGE

Details

SOLD
IMAGE: Jesse Pan & Daniel Solomon DATE: 06/10/2022 ADDRESS: 745 N Andrews Ave MARKET: Fort Lauderdale ASSET TYPE: Multifamily ~ ACRES: 1.46 BUYER: CedarSt SELLER: Bingsong Li SELLER'S REP: Daniel Solomon (@Daniel_FloridaRetailPro) - Katz & Associates (@KatzRetail); Jesse Pan (@PanJesse) - Coldwell Banker (@ColdwellBanker) SALE PRICE: $6,500,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$346,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$23,093.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,813.32
Annual Debt Service$369,759.79