Rilea Group And Ciprés Sell Retail Space At The Rider Residences In Miami For $2.4M
94 Northeast 29th Street
$2,400,000
$1,408/SF
Building Size
1,704 SF
Asset Type
Retail
Closing
Feb 21, 2025
AI
The property asset involved in this transaction is a retail space located at 94 Northeast 29th Street in Miami. The total sale price for this asset was $2,400,000.00, and it encompasses a square footage of 1,704.0.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $2,400,000.00
- Address: 94 Northeast 29th Street
- Market: Miami
- Seller: Diego Ojeda (Rilea Group) and Ciprés
- Square Footage: 1,704.0
Rilea Group and Ciprés sold a 1,704-square-foot retail space at The Rider Residences (@theriderresidences) in Miami for $2.4 million to an undisclosed buyer, marking the second-highest retail sale price per square foot in the area. The 12-story, 146-unit condo development, located at the Midtown-Wynwood intersection, continues to benefit from strong commercial demand and Amazon’s upcoming expansion into Wynwood.
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
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93