Brick & Timber Collective Acquires Wynwood Office Building For $49M
SOLD
$49,000,000
+ 3
Florida
See Similar DealsRetail4,200 SF
Sold 02/28/2022
SOLD
Brick & Timber Collective Acquires Wynwood Office Building For $49M
215 Northwest 24th Street, Miami, Florida 33127, United States
See Similar DealsRetail4,200 SF
Sold 02/28/2022
+ 3
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$11,666
Total Square Footage:4,200 SF
Transaction Type:Sale
The property involved in this closed transaction is an office space located at 215 NW 24th St in the Wynwood market. The sale took place on 02/28/2022. The property spans 60,000 square feet, with a price per square foot of $733. The total sale price reached $49,000,000.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $49,000,000
- Address: 215 NW 24th St
- Market: Wynwood
Jesse Feldman, representing Brick & Timber Collective, acted as the buyer in this transaction. The buyer's broker representatives were Tony Arellano and Devlin Marinoff from DWNTWN Realty Advisors. The sellers in this deal were the Related Group represented by Jon Paul Perez and East End Capital represented by Jonathan Yorkmak.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,613,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$174,086.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$232,285.00
Annual Debt Service$2,787,419.98
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