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Miami Beach, FL, USA

Michelle Simkins & Jason Rubell Acquire Miami Beach Single Family For $10.8M
SOLDSingle Family

Michelle Simkins & Jason Rubell Acquire Miami Beach Single Family For $10.8M

Miami Beach, FL, USA

$10,800,000

$1,627/SF

Building Size

6,637 SF

Asset Type

Single Family

Closing

Nov 2, 2021

AI

A single-family property located in Miami Beach was recently sold for a price of $10,800,000. The property spans across approximately 0.4 acres and offers a total of 6,637 square feet of living space. Michelle Simkins and Jason Rubell, representing Rubell Hotels, acted as the buyers in this transaction, while Phyllis and Dr. Philip Mirmelli were the sellers. The buyer's representative in the deal was Brett Harris from Douglas Elliman, and Greg Mirmelli served as the seller's representative.

Summary of transaction details

  • Property Type: Single Family
  • Transaction Amount: $10,800,000
  • Market: Miami Beach
  • Total Acres: 0.4
  • Square Footage: 6,637
  • Buyer: Michelle Simkins; Jason Rubell - Rubell Hotels
  • Seller: Phyllis & Dr. Philip Mirmelli
  • Buyer's Representative: Brett Harris - Douglas Elliman
  • Seller's Representative: Greg Mirmelli
  • Price Per Square Foot: $1,627
This transaction involved notable individuals and companies in the real estate industry. Michelle Simkins and Jason Rubell, representing Rubell Hotels, made the purchase, bringing their expertise and experience in hospitality to the acquisition. Phyllis and Dr. Philip Mirmelli were the sellers of the property, undoubtedly satisfied with the sale price and the expertise of their representative, Greg Mirmelli. Brett Harris, from Douglas Elliman, played a crucial role as the buyer's representative, ensuring a smooth and successful transaction.

Players

Brett Harris

Douglas Elliman

Broker

$590M

vol

16 deals

Broker

Jason Rubell

Buyer

$70.2M

vol

5 deals

Buyer

Miami 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

1.47%

Cash-on-Cash

-0.42%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93