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CityWide Properties Acquires White Marsh Professional Center In Baltimore For $11.8M
SOLD
$11,800,000
Maryland
See Similar DealsOffice81,000 SF
Sold 07/24/2023
SOLD
CityWide Properties Acquires White Marsh Professional Center In Baltimore For $11.8M
7923 Honeygo Boulevard Baltimore, Maryland 21236, USA
See Similar DealsOffice81,000 SF
Sold 07/24/2023
Summary
MARYLAND
Asset Type:Office
Price Per Square Foot:$145
Total Square Footage:81,000 SF
Transaction Type:Sale
The White Marsh Professional Center, a complex consisting of three two-story office buildings with 42 office units, has been sold for nearly $12 million. The property, located at 7923 Honeygo Boulevard in Baltimore, MD, spans 81,000 square feet with an average price per square foot of $146.
Summary of transation details
- Property Type: Office
- Transaction Amount: $11,800,000
- Buyer: CityWide Properties - Steve Verstanding
- Mortgage Brokers: Marc Tropp - Easter Union
Steve Verstanding, principal of CityWide Properties, has acquired the White Marsh Professional Center. The sale of the property was facilitated by Marc Tropp of Easter Union. This transaction marks an important investment in the Baltimore office market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$629,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,922.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$55,938.02
Annual Debt Service$671,256.24
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