Novatore Miami Restaurant Acquires Giorgina Miami Business At 2700 North Miami Avenue For $400,000
SOLD
$400,000
Florida
See Similar DealsRetail2,500 SF
Sold 10/16/2024
SOLD
Novatore Miami Restaurant Acquires Giorgina Miami Business At 2700 North Miami Avenue For $400,000
2700 North Miami Avenue
See Similar DealsRetail2,500 SF
Sold 10/16/2024
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$160
Total Square Footage:2,500 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$21,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,421.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,896.20
Annual Debt Service$22,754.45
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