Private Investor Leases 16285 Square Feet At 3595 Coral Way Miami With Landlord's Reps Matthew Mousavi And Dan Elliot
3595 Coral Way, Miami, FL, 33145
Building Size
16,285 SF
Asset Type
Retail
Closing
Nov 19, 2023
About this deal
AI
A single-tenant retail property located at 3595 Coral Way in Miami has been sold for $14.4 million. The property comprises 16,285 square feet and is currently occupied by Walgreens, which has signed a new 15-year, corporate-guaranteed, triple-net lease.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $14.4 million
- Address: 3595 Coral Way, Miami, FL, 33145
- Market: Miami
- Landlord: Private Investor
- Landlord's Representatives: Matthew Mousavi - SRS Real Estate Partners, Dan Elliot - SRS Real Estate Partners
- Tenant: Walgreens
- Square Feet: 16,285
Sean Lutz, Dan Elliot, Matthew Mousavi, and Patrick Luther of SRS Real Estate Partners represented the buyer, a Nevada-based private investor, in the 1031, all-cash transaction.
Players
Miami Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93