Witkoff Acquires Retail Property In Miami Beach For $15.4M
SOLD
$15,400,000
Florida
See Similar DealsRetail14,952 SF
Sold 08/25/2021
SOLD
Witkoff Acquires Retail Property In Miami Beach For $15.4M
1681 Lenox Avenue, Miami Beach, FL 33139, USA
See Similar DealsRetail14,952 SF
Sold 08/25/2021
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$1,030
Total Square Footage:14,952 SF
Transaction Type:Sale
The retail property located at 1681 Lenox Avenue in Miami Beach has been sold for $15,400,000. The property spans over 14,952 square feet, resulting in a price per square foot of $1,030. The sale took place on August 25, 2021, and the buyer is Steven Witkoff representing Witkoff. The seller in this transaction is Marx Realty.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $15,400,000
- Address: 1681 Lenox Avenue
- Market: Miami Beach
- Buyer: Steven Witkoff - Witkoff
- Seller: Marx Realty
The deal involves Steven Witkoff, representing Witkoff, as the buyer and Marx Realty as the seller. The transaction closed on August 25, 2021, for a total of $15,400,000. The property is a retail asset located at 1681 Lenox Avenue in Miami Beach.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$821,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$54,712.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$73,003.86
Annual Debt Service$876,046.28
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