Updated Feb 7, 2025
Thomas West Purchases Multifamily Property At 915 Mulberry Street From Sean Dailey For $10M
915 Mulberry Street
$10,000,000
$227/SF
Building Size
43,900 SF
Asset Type
MultiFamily
Closing
Nov 22, 2024
About this deal
AI
The property asset involved in this transaction is a multifamily building located at 915 Mulberry Street in Des Moines. The sale price was $10,000,000 for this asset which consists of 62 units, comprising a total square footage of 43,900. The price per unit was recorded at $161,290, while the price per square foot was noted as $227.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,000,000
- Units: 62
- Square Footage: 43,900
- Price Per Unit: $161,290
- Price Per Square Foot: $227
- Buyer: Thomas West
- Seller: Sean Dailey
- Broker: Sean Dailey - Homesmart Connect
The key individuals in this transaction include Thomas West, who was the buyer, and Sean Dailey, who was both the seller and the broker representing the deal through Homesmart Connect. Sean Dailey played a dual role in this transaction, facilitating the sale while also selling the property he represented.
Players
Des Moines MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93