Armando P. Diaz & Victor Pazos Acquire Office Building At 329 Palermo Avenue In Coral Gables For $5.5M - Broker: Manny Chamizo, Sotheby's Intl Realty
329 Palermo Ave Coral Gables, FL 33134, USA
$5,500,000
$552/SF
Building Size
9,958 SF
Asset Type
Office
Closing
Apr 28, 2023
About this deal
AI
The office building located at 329 Palermo Avenue in Coral Gables has been sold for a price of $5,500,000. Spanning across a total square footage of 9,958, the property was purchased by Armando P. Diaz and Victor Pazos from Xavier Perez. The sale price per square foot was calculated to be $552.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $5,500,000
- Address: 329 Palermo Avenue, Coral Gables
- Market: Coral Gables
- Buyer: Armando P. Diaz & Victor Pazos
- Seller: Xavier Perez
- Broker: Manny Chamizo - Sotheby's International Realty
- Square Footage: 9,958
- Price Per Square Foot: $552
Manny Chamizo from Sotheby's International Realty represented the buyer and seller in this transaction. With this sale, Manny has successfully completed his 9th office building deal, further establishing himself as a leader in the Coral Gables commercial real estate market. It is worth noting that Manny holds the position as ONE Sothey's Commercial Agent.
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
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93