Lumber 2 Leather Purchases Industrial Building In Westbrook, CT For $1M
119 Spencer Plain Road
$1,000,000
$125/SF
Building Size
8,000 SF
Asset Type
Industrial
Closing
Oct 20, 2023
AI
Lumber 2 Leather, a baseball and softball training company, recently purchased an 8,000 square foot industrial building located at 119 Spencer Plains Rd in Westbrook, CT. The property was bought for a total of $1 million, resulting in a price per square foot of $125. The acquisition was made with the intention of converting the building into an indoor training facility.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $1,000,000
- Square Footage: 8,000 SF
- Price Per Square Foot: $125
- Address: 119 Spencer Plains Rd, Westbrook, CT
- Market: Westbrook, CT
Will Braun, representing O,R&L Commercial, acted as the buyer's representative in this deal, while Sam Lyman, from Lyman Real Estate Brokerage & Development, represented the seller, OSCT, LLC. These professionals played a crucial role in facilitating the transaction and ensuring the smooth transfer of ownership.
Players
Old Saybrook Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
15.86%
Cash-on-Cash
-4.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93