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Marcus & Millichap Capital Corporation Arranges $7.6M Financing For 52-Unit Multifamily Property In Burlington IA
SOLD
$7,600,000
MultiFamily
Sold 12/19/2025
SOLD
Marcus & Millichap Capital Corporation Arranges $7.6M Financing For 52-Unit Multifamily Property In Burlington IA
424 North 3rd Street
See Similar DealsMultiFamily
Sold 12/19/2025
Summary
IOWA
Asset Type:MultiFamily
Transaction Type:Sale
The transaction involves a multifamily property located at 424 North 3rd Street in Burlington, Iowa. The sale was closed on December 19, 2025, for a total price of $7,600,000. This property comprises 52 units, yielding a per-unit price of $146,154.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,600,000
- Units: 52
- Price Per Unit: $146,154
- Broker: Robert Bhat - Marcus & Millichap
Marcus & Millichap Capital Corporation facilitated non-recourse financing amounting to $7.6 million for this property. The financing consists of a 5-year, interest-only loan at a 70% loan-to-value ratio, arranged for a private client, aiding in the successful completion of the transaction.
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Deal Type
30 years
10 years
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
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