Floyd Mayweather Jr. Purchases Single Family Home In Miami Beach From Eli Gindi For $22M
1116 Ocean Drive
Building Size
23,462 SF
Asset Type
Single Family
Closing
Nov 21, 2024
AI
The property involved in this transaction is a single-family asset located at 1116 Ocean Drive, Miami Beach. The total square footage of the property is 23,462, and it sits on 0.4 acres.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: Not specified
- Buyer: Floyd Mayweather Jr.
- Seller: Eli Gindi
- Broker: Ayal Frist - AlphaTech Real Estate Group
Floyd Mayweather Jr. is acquiring a major stake in Miami Beach's Villa Casa Casuarina, which was formerly known as the Versace Mansion. This acquisition is in partnership with the Nakash family and Eli Gindi. Ayal Frist facilitated the deal, which is a significant addition to Mayweather's real estate portfolio.
Players
Miami Beach Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93