Forte Capital Acquires Creative Office Building In Wynwood, Miami For $6.35M
2830 Northwest 5th Avenue, Miami, FL 33127
$6,350,000
$453/SF
Building Size
14,000 SF
Asset Type
Office
Closing
Dec 16, 2021
About this deal
AI
A 14,000-square-foot creative office building located at 2830 NW 5th Avenue in Wynwood, Miami has been sold for $6,350,000. The property is situated at the key intersection of Wynwood's 5th Avenue and 29th St.
Summary of transaction details:
- Property Type: Creative Office
- Transaction Amount: $6,350,000
- Address: 2830 NW 5th Avenue
- Market: Wynwood, Miami
Forte Capital, represented by Chaim Cahane and Sheridan Capital, acquired the property from Alex Karakhanian of LNDMRK Development. The buyers plan to reposition the building to serve as creative offices. Tony Arellano, P.A. and Devlin Marinoff of DWNTWN Realty Advisors represented both the buyer and the seller in the transaction.
NOTE: The sale of 2830 NW Fifth Ave. was successfully completed by DWNTWN Managing Partners Devlin Marinoff and Tony Arellano, who represented both parties involved in the transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.50%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93