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Leila & David Centner Acquire Retail Property In Miami From Joan Shih For $5.5M

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SOLD
$5,500,000

Florida

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Retail11,071 SF
Sold 01/11/2024
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Property Image
SOLD

Leila & David Centner Acquire Retail Property In Miami From Joan Shih For $5.5M

488 Northeast 18th Street

See Similar Deals
Retail11,071 SF
Sold 01/11/2024
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$496
Total Square Footage:11,071 SF
Transaction Type:Sale

Aria On The Bay Ground Floor Prime Retail Space has been sold in Miami. The property, located at 488 Northeast 18th Street Cu-3 & Cu-4, offers 11,071 square feet of space. It features 20 ft high ceilings, floor-to-ceiling glass windows, utility connections, grease traps, mechanical equipment, and an oversized terrace suitable for outdoor restaurant/cafe seating. The retail space is in a desirable location in Edgewater and is zoned as T6-36A-O. The property was sold for $5,500,000, with an asking price of $6,400,000. The price per square foot came to $497.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $5,500,000
  • Address: 488 Northeast 18th Street Cu-3 & Cu-4
  • Market: Miami

Leila & David Centner acquired the Aria On The Bay Ground Floor Prime Retail Space from Joan Shih. Keiti Silva from Re/Max represented the buyers, while Goritza Draskovich from Cervera Real Estate represented the seller in the transaction.

Players

Keiti Silva
9 deals$158.4M volume(786) 838-3687
BROKER

Goritza Draskovich
Fortune International Group
3 deals$13.1M volume(786) 239-7342
BROKER

David Centner
5 deals$93M volume
BUYER

BUYER

Details

SOLD
IMAGE: Goritza Draskovich & Keiti Silva DATE: 01/12/2024 ADDRESS: 488 Northeast 18th Street Cu-3 & Cu-4 MARKET: Miami ASSET TYPE: Retail BUYER: Leila & David Centner SELLER: Joan Shih BUYER'S REP: Keiti Silva (@Keiti.CRE) - Re/Max (@Remax) SELLER'S REP: Goritza Draskovich (@I_am_Goritza) - Cervera Real Estate (@CerveraRE) ASKING PRICE: $6,400,000 SALE PRICE: $5,500,000 SF: 11,071 ~ PPSF: $497 NOTE FROM SELLER'S REP: Aria On The Bay Ground Floor Prime Retail Space. This prime waterfront decorator-ready retail space offers 20 ft high ceilings, floor-to-ceiling glass windows, with utility connections, grease traps and mechanical equipment in place, and an oversized terrace ideal for outdoor restaurant/cafe seating. Location: Edgewater. Zoning: T6-36A-O

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$293,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,540.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,072.81
Annual Debt Service$312,873.67