RW NW 24th St LLC Acquires Property From 151 NW 24th St Partners LLC For $9.15M
151 NW 24th St, Miami, FL, 33127
$9,150,000
$1,374/SF
Building Size
6,656 SF
Asset Type
Retail
Closing
Jul 16, 2018
About this deal
AI
A retail property located at 151 NW 24th St, Miami, FL, recently sold for $9,150,000. The property spans 6,656 square feet in the Miami market. The transaction involved a redevelopment of a former warehouse into a retail building featuring seven units, a small park, and an outdoor patio.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $9,150,000
- Buyer: RW NW 24th St LLC
- Seller: 151 NW 24th St Partners LLC
- Buyer's Representative: Devlin Marinoff (DWNTWN Realty Advisors)
- Financing: $6.25 million loan from First National Bank of South Miami
- Previous Owner Purchase Price: $2.9 million
- Building Year: 1948
- Tenants: Bianco Gelato, IKID IKID, Dirty Rabbit Wynwood Local Bar
- Sale Price per Square Foot: $1,375
- Land Price per Square Foot: $631
The seller, 151 NW 24th St Partners LLC, is led by Dan Arev, Chaim Cahane, and Joe Serure. The buyer, RW NW 24th St LLC, is controlled by Tommy Rincon of RRE Investments. This represents the buyer's first acquisition in Florida, with the property being listed for $9.85 million prior to sale. The loan for the transaction was arranged by Pedro Arellano of America Realty Advisors.
Players
Miami Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Deal FAQ
Visit Devlin Marinoff to view all their deals.
Browse Florida retail sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.73%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93