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119 Spencer Plain Road

Lumber 2 Leather Purchases Industrial Building In Westbrook, CT For $1M
SOLDIndustrial

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

Sam Lyman

RE/trade

Broker

$6M

vol

2 deals

Broker

Old Saybrook Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

Loading comparables…

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