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Italkraft Acquires Waterfront Lot On South Venetian Way In Miami Beach For $11.5M

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SOLD
$11,500,000

Florida

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Single Family
Sold 11/17/2023
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SOLD

Italkraft Acquires Waterfront Lot On South Venetian Way In Miami Beach For $11.5M

1384 South Venetian Way

See Similar Deals
Single Family
Sold 11/17/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Single Family
Transaction Type:Sale

Italkraft, a luxury cabinetry maker, has purchased a waterfront vacant lot in Miami's San Marco Island for $11.5 million. Located at 1384 South Venetian Way, the 0.3-acre lot previously owned by developer Michael Stern and Layne Stern offers 104 feet of waterfront. The buyer, Alex Xakoustis, plans to build a new residence on the expanded waterfront lot.

Summary of transaction details

  • Property Type: Single Family
  • Transaction Amount: $11,500,000
  • Date: 11/17/2023
  • Address: 1384 South Venetian Way
  • Market: Miami Beach

Alex Xakoustis, the president of Italkraft, made the purchase through the representation of Nelson Gonzalez from Berkshire Hathaway HomeServices. Gertrude Shafer was the seller in this deal. The transaction involved Nelson Gonzalez acting as the broker.

Players

Nelson Gonzalez
Berkshire Hathaway HomeServices
Nelson Gonzalez
44 deals$761.2M volume
BROKER
I
Italkraft
BUYER

Details

SOLD
IMAGE: Nelson Gonzalez & Alex Xakoustis DATE: 11/17/2023 ADDRESS: 1384 South Venetian Way MARKET: Miami Beach ASSET TYPE: Single Family BUYER: Italkraft (@Italkraft) - Alex Xakoustis (@AlexXakoustis) SELLER: Gertrude Shafer BROKER: Nelson Gonzalez (@NelsonGonzalezMiami) - Berkshire Hathaway HomeServices (@BHHSRealEstate) SALE PRICE: $11,500,000 NOTE: Alex Xakoustis, president of luxury cabinetry maker Italkraft, bought a waterfront vacant lot at 1384 South Venetian Way in Miami's San Marco Island for $11.5 million. The 0.3-acre lot, previously owned by developer Michael Stern and Layne Stern, features 104 feet of waterfront, and Xakoustis plans to build a new residence on the expanded waterfront lot.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$613,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$40,857.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$54,515.87
Annual Debt Service$654,190.40