Julio Torres Acquires Retail Property On Washington Avenue In Miami Beach For $8.5M With Buyer's Rep Martin Bravo & Andres Marino
SOLD
$8,500,000
Florida
See Similar DealsRetail13,000 SF
Sold 11/30/2023
SOLD
Julio Torres Acquires Retail Property On Washington Avenue In Miami Beach For $8.5M With Buyer's Rep Martin Bravo & Andres Marino
1407 Washington Avenue
See Similar DealsRetail13,000 SF
Sold 11/30/2023
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$653
Total Square Footage:13,000 SF
Transaction Type:Sale
Located at 1407 Washington Avenue in Miami Beach, this retail property was recently sold in a closed transaction. The property spans approximately 13,000 square feet, with a price per square foot of $654. The total sale price for the property was $8,500,000, and the building gross square footage is reported to be 12,424 with a price per gross square foot of $684.
Summary of Transaction Details
- Property Type: Retail
- Transaction Amount: $8,500,000
- Address: 1407 Washington Avenue, Miami Beach
- Market: Miami Beach
The buyer of this retail property is Julio Torres, while the seller is Frank Holder. Representing the buyer is Martin Bravo and Andres Marino, who are associated with APEX Capital Realty. On the seller's side, Mary Roman from Southern Signature Realty acted as the seller's representative.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$453,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04
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