Updated Dec 4, 2024
Italkraft Acquires Waterfront Lot On South Venetian Way In Miami Beach For $11.5M
1384 South Venetian Way
$11,500,000
Building Size
—
Asset Type
Single Family
Closing
Nov 17, 2023
About this deal
AI
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.
On the Map
$11,500,000
Single Family
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93