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Sean Gallagher Acquires MultiFamily In Lebanon, IN For $7.6M

Property Image
SOLD
$7,600,000
George Tikijian
Cameron Benz
+ 2

Indiana

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MultiFamily
Sold 06/14/2024
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Property Image
SOLD

Sean Gallagher Acquires MultiFamily In Lebanon, IN For $7.6M

451 North Lebanon Street

See Similar Deals
MultiFamily
Sold 06/14/2024
George Tikijian
Cameron Benz
+ 2
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Summary

INDIANA
Asset Type:MultiFamily
Transaction Type:Sale

The property at 451 North Lebanon Street in Lebanon, IN is a luxury apartment building that was sold for $7,600,000. The asset consists of 39 units, with a price per unit of $194,872. The sale was facilitated by CBRE, with brokers Cameron Benz, Claire Bullard, George Tikijian, Hannah Ott, and Ryan Stockamp representing the seller in the transaction. The buyer, Sean Gallagher from Iron Men Properties, acquired the apartment building in Indiana.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $7,600,000
  • Units: 39
  • Price Per Unit: $194,872
  • Market: Lebanon, IN
  • Buyer: Sean Gallagher
  • Brokers: Cameron Benz, Claire Bullard, George Tikijian, Hannah Ott & Ryan Stockamp - CBRE

The CBRE team, led by Cam Benz, managed the marketing campaign of the property, which attracted strong buyer interest amidst Lebanon's downtown growth driven by the LEAP District and Eli Lilly's investment. The sale of 451 Lebanon to investor Sean Gallagher signifies a successful transaction in the vibrant real estate market of Indiana.

Players

George Tikijian
5 deals$305.6M volume
BROKER

Hannah Ott
CBRE
5 deals$305.6M volume
BROKER

Cameron Benz
CBRE
5 deals$305.6M volume
BROKER

Claire Bullard
CBRE
2 deals$29.1M volume(317) 695-0675
BROKER

Ryan Stockamp
CBRE
2 deals$67.1M volume(614) 747-1153
BROKER

Details

SOLD
IMAGE: 06/14/2024 ADDRESS: 451 North Lebanon Street MARKET: Lebanon, IN ASSET TYPE: MultiFamily BUYER: Sean Gallagher BROKERS: Cameron Benz, Claire Bullard, George Tikijian, Hannah Ott & Ryan Stockamp - CBRE SALE PRICE: $7,600,000 UNITS: 39 ~ PPU: $194,872 NOTE: CBRE facilitated the $7.6 million sale of 451 Lebanon, a luxury apartment building in Indiana, to investor Sean Gallagher from Iron Men Properties. Led by Cam Benz, the CBRE team managed the property's marketing campaign, representing the seller in the transaction and attracting strong buyer interest amid Lebanon's downtown growth spurred by the LEAP District and Eli Lilly's investment.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$405,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$27,001.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,027.88
Annual Debt Service$432,334.53