Covenant Real Estate Acquires Retail Property In Miami For $4.25M
6621 Biscayne Boulevard
$4,255,000
$482/SF
Building Size
8,826 SF
Asset Type
Retail
Closing
Jun 14, 2024
AI
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.
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
3.73%
Cash-on-Cash
-1.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93