Ted Lucas Of L.T. Enterprises Purchases Office Building In Miami From Federico Fanta For $1.5M
14 Northeast 1st Avenue
$1,500,000
$393/SF
Building Size
3,808 SF
Asset Type
Office
Closing
Aug 21, 2024
About this deal
AI
The property asset involved in the transaction is located at 14 Northeast 1st Avenue in Miami. It was sold for $1,500,000, encompassing a total area of 3,808 square feet, which translates to a price per square foot of $393.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $1,500,000
- Sale Price: $1,500,000
- Square Footage: 3,808 SF
- Price per Square Foot: $393
- Buyer: Ted Lucas - L.T. Enterprises
- Seller: Federico Fanta - Techbind Corp
- Seller's Representative: Eduardo Citcioglu - Fortune International Realty
This transaction highlights the involvement of Ted Lucas representing L.T. Enterprises as the buyer and Federico Fanta representing Techbind Corp as the seller. Eduardo Citcioglu from Fortune International Realty acted as the seller's representative, facilitating the deal.
Miami Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
10.58%
Cash-on-Cash
-3.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93