Marcus & Millichap Sells Vacant Retail Property In Miami Beach For $6M
624 Collins Ave Miami Beach, Fl 33139, Usa
$6,000,000
$710/SF
Building Size
8,450 SF
Asset Type
Retail
Closing
Jul 17, 2023
About this deal
AI
Marcus & Millichap has sold a vacant retail property located at 624 Collins Avenue in South Beach, Miami Beach. The sale price for the property was $6,000,000, with a total square footage of 8,450. This equates to a price per square foot of $710.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $6,000,000
- Address: 624 Collins Avenue, Miami Beach
- Market: Miami Beach
The buyer of the property was 624 Collins Ave LLC, while the seller was ARC PE. The transaction was facilitated by Drew A. Kristol and Kirk D. Olson from Marcus & Millichap.
624 Collins Ave LLC plans to renovate and re-tenant the vacant retail property, which is located near the beach.
On the Map
$6,000,000
$710/SF
Retail
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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
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93