Morrison Avenue Capital Acquires Multifamily Property In Mobile, AL For $30.8M
SOLD
$30,800,000
Alabama
See Similar DealsMultiFamily
Sold 07/22/2022
SOLD
Morrison Avenue Capital Acquires Multifamily Property In Mobile, AL For $30.8M
1663 Hillcrest Road, Mobile, Alabama 36695, United States
See Similar DealsMultiFamily
Sold 07/22/2022
Summary
ALABAMA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 1663 Hillcrest Rd in Mobile, AL has been sold. The transaction took place on 07/22/2022. The property consists of 278 units with a sale price of $30,800,000, resulting in a per unit price of $110,791.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $30,800,000
- Units: 278
- Price per Unit: $110,791
Morrison Avenue Capital Partners, LLC acquired the property from Two Waters Capital. The deal was facilitated by brokers Andrew Brown & Craig Hey from Cushman & Wakefield.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,642,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$109,425.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,007.71
Annual Debt Service$1,752,092.56
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