Crespi Point LLC Acquires Multifamily Property On Crespi Blvd, Miami Beach For $4.5M
SOLD
$4,500,000
Florida
See Similar DealsMultiFamily700 SF
Sold 04/23/2021
SOLD
Crespi Point LLC Acquires Multifamily Property On Crespi Blvd, Miami Beach For $4.5M
7825 Crespi Boulevard, Miami Beach, FL, USA
See Similar DealsMultiFamily700 SF
Sold 04/23/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$6,428
Total Square Footage:700 SF
Transaction Type:Sale
Located at 7825-7859 Crespi Blvd in Miami Beach, this multifamily property was recently sold in a transaction arranged by Meridian Capital Group. The sale took place on 04/23/2021 and was facilitated by Matis Cohen, who represented the seller. The property consists of 20 units and was acquired by Crespi Point LLC for a total sale price of $4,500,000, resulting in a per unit price of $225,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,500,000
- Address: 7825-7859 Crespi Blvd, Miami Beach
- Market: Miami Beach
The seller, Matis Cohen, was represented by Isaac Filler and Israel Leiner from Meridian Capital Group. Their expertise in arranging financing played a key role in the successful completion of the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$240,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,987.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,332.30
Annual Debt Service$255,987.55
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