City Of Sunny Isles Beach Acquires Retail Property On Collins Ave. For $15.8M
SOLD
$15,830,000
Florida
See Similar DealsRetail9,102 SF
Sold 03/04/2022
SOLD
City Of Sunny Isles Beach Acquires Retail Property On Collins Ave. For $15.8M
18500 Collins Avenue, Sunny Isles Beach, Florida 33160, United States
See Similar DealsRetail9,102 SF
Sold 03/04/2022
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$1,739
Total Square Footage:9,102 SF
Transaction Type:Sale
The city of Sunny Isles Beach, Fla has acquired a retail property located at 18500 Collins Ave. in Sunny Isles Beach. The property was sold by MMG Equity Partners, represented by Gabriel Navarro. The sale took place on 03/04/2022 for a total price of $15,830,000. The retail asset spans 9,102 square feet, resulting in a price per square foot of $1,739.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $15,830,000
- Square Footage: 9,102
- Address: 18500 Collins Ave.
- Market: Sunny Isles Beach
Gabriel Navarro, representing MMG Equity Partners, facilitated the sale of the retail property to the city of Sunny Isles Beach in Florida.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$844,266.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,240.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,042.28
Annual Debt Service$900,507.31
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