Covenant Real Estate Acquires Retail Property In Miami For $4.25M
SOLD
$4,255,000
Florida
See Similar DealsRetail8,826 SF
Sold 06/14/2024
SOLD
Covenant Real Estate Acquires Retail Property In Miami For $4.25M
6621 Biscayne Boulevard
See Similar DealsRetail8,826 SF
Sold 06/14/2024
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$482
Total Square Footage:8,826 SF
Transaction Type:Sale
The property at 6621 Biscayne Boulevard in Miami, a retail asset, was sold for $4,255,000. The sale involved a total area of 8,826 square feet, resulting in a price per square foot of $482.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,255,000
- Buyer: Covenant Real Estate
- Seller: Alex Karakhanian & Damian Narvaez
- Buyer's Rep: Michael Weiss - SRS Real Estate Partners
- Seller's Rep: Alfredo Riascos & Emilia Howard - Gridline Properties
The key individuals and companies involved in the transaction were Michael Weiss from SRS Real Estate Partners, representing the buyer, Covenant Real Estate, and Alfredo Riascos & Emilia Howard from Gridline Properties, representing the sellers, Alex Karakhanian & Damian Narvaez.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$226,933.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,117.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,170.87
Annual Debt Service$242,050.45
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