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3100 North Bay Road

Frank Farian Sells Miami Beach Waterfront Lot For $13.6M With Buyer's Rep Curkoski & Seller's Rep Barbosa
SOLDSingle Family Residence

Frank Farian Sells Miami Beach Waterfront Lot For $13.6M With Buyer's Rep Curkoski & Seller's Rep Barbosa

3100 North Bay Road

$13,600,000

Building Size

Asset Type

Single Family Residence

Closing

Aug 25, 2023

AI

A waterfront lot with mansion plans in Miami Beach was sold by music producer Frank Farian for $13.6 million. The property, located at 3100 North Bay Road, covers an area of 0.5 acres. Farian originally purchased the lot for $1.4 million in 2001 and recently listed it for $16.5 million in 2021.

Summary of transaction details

Mirce Curkoski and Albert Justo of One Sotheby’s International Realty acted as the buyer's representatives in the transaction, while Rodrigo Barbosa of Premier Flat Fee Realty represented the seller, Frank Farian. The sale marks a significant increase in value compared to the original purchase price, showcasing the property's appreciation over the years.

Players

Albert Justo

Sotheby's International Realty

Broker

$309.3M

vol

18 deals

Broker

North Bay Single Family Residence Market Snapshot

Boundary boundary · Single Family Residence · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.17%

Cash-on-Cash

-0.33%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93