Lucky Texan LLC Acquires Retail Property On Ocean Drive In Miami Beach For $30.85M
SOLD
$30,850,000
Florida
See Similar DealsRetail10,062 SF
Sold 01/02/2022
SOLD
Lucky Texan LLC Acquires Retail Property On Ocean Drive In Miami Beach For $30.85M
728 Ocean Drive, Miami Beach, FL 33139
See Similar DealsRetail10,062 SF
Sold 01/02/2022
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$3,066
Total Square Footage:10,062 SF
Transaction Type:Sale
A retail property located at 728 Ocean Drive in Miami Beach has been sold for a total price of $30,850,000. The property spans 10,062 square feet, resulting in a price per square foot of $3,066. The transaction took place on January 2, 2022.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $30,850,000
- Address: 728 Ocean Drive, Miami Beach
- Market: Miami Beach
- Buyer: Lucky Texan LLC, Sikka Investments LLC & Sikka Investments LLC - Shirin Daredia & Barkat Daredia
- Seller: Steven Kassin - Infinity Real Estate
The buyer of the property is Lucky Texan LLC, Sikka Investments LLC, and Sikka Investments LLC, represented by Shirin Daredia and Barkat Daredia. On the other hand, the seller is Steven Kassin from Infinity Real Estate.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,645,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$109,603.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,244.74
Annual Debt Service$1,754,936.87
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