Updated Sep 9, 2024
Alan Sirkin Sells Frank Lloyd Wright-Inspired Coconut Grove Home For $13M
3500 S Bayhomes Dr Miami, FL 33133, USA
$13,000,000
$2,166/SF
Building Size
6,000 SF
Asset Type
Single Family Residence
Closing
May 9, 2023
About this deal
AI
The Frank Lloyd Wright-inspired waterfront home located at 3500 S Bayhomes Dr Miami, FL 33133, USA has been sold in a recent transaction. The property, owned by Alan Sirkin, founder of Sirkin Building Corporation, was sold for a total price of $13 million. This sale price is significantly lower than the original asking price of $30 million. The buyer of the property is the West 23rd Street Trust. Despite receiving higher offers from developers looking to rebuild, the Sirkins prioritized a buyer who appreciated the existing home, leading to this sale.
Summary of transaction details
- Property Type: Single Family Residence
- Transaction Amount: $13,000,000
- Address: 3500 S Bayhomes Dr Miami, FL 33133, USA
Alan Sirkin, founder of Sirkin Building Corporation, sold his waterfront home in Coconut Grove, Miami to the West 23rd Street Trust for $13 million. The transaction price is significantly below the property's original asking price of $30 million. The Sirkins considered offers from developers wanting to rebuild the property, but they ultimately chose a buyer who had an appreciation for the existing home.
Players
Miami Single Family Residence Market Snapshot
Boundary boundary · Single Family Residence · Sale transactions
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About $2.2K per square foot on a published $13M for 6,000 square feet (2023).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93