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55 Merrick Way, Coral Gable...

Christian Iacovelli Acquires Office Building In Coral Gables For $1.43M
SOLDOffice

Christian Iacovelli Acquires Office Building In Coral Gables For $1.43M

55 Merrick Way, Coral Gables, Florida 33134, United States

$1,430,000

$550/SF

Building Size

2,600 SF

Asset Type

Office

Closing

Apr 24, 2022

AI

An office property located at 55 Merrick Way in Coral Gables has been sold for $1,430,000. The property spans 2,600 square feet, resulting in a price per square foot of $550. The transaction took place on 04/25/2022.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: $1,430,000
  • Square Footage: 2,600
  • Price per Square Foot: $550
  • Address: 55 Merrick Way, Coral Gables

Christian Iacovelli purchased the office property from Alvaro Castillo. The deal was facilitated by Mallory McGuire, a representative from ONE Sotheby's International Realty.

Players

Mallory McGuire

Sotheby's International Realty

Broker

$73.2M

vol

10 deals

Broker

Christian Iacovelli

Buyer

$4.5M

vol

2 deals

Buyer

Alvaro Castillo

Seller

$22.6M

vol

3 deals

Seller

Coral Gables 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

11.09%

Cash-on-Cash

-3.17%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93