Novatore Miami Restaurant Acquires Giorgina Miami Business At 2700 North Miami Avenue For $400,000
2700 North Miami Avenue
$400,000
$160/SF
Building Size
2,500 SF
Asset Type
Retail
Closing
Oct 16, 2024
AI
A business property located at 2700 North Miami Avenue in the Miami market was sold for $400,000. The property encompasses 2,500 square feet, resulting in a price per square foot of $160.
Summary of transaction details:
- Property Type: Business
- Transaction Amount: $400,000
- Address: 2700 North Miami Avenue
- Market: Miami
- Square Feet: 2,500
- Price Per Square Foot: $160
- Buyer: Novatore Miami Restaurant
- Seller: Giorgina Miami
- Broker: Ilan Sitt - Sherpa Consultancy
Ilan Sitt facilitated the transaction, representing Giorgina Miami in the sale to Novatore Miami Restaurant. The new restaurant is in the process of opening, with Sherpa Consultancy overseeing the design and construction efforts.
Players
Miami Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
39.66%
Cash-on-Cash
-11.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93