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Ganges Laurel LLC Acquires Laurel, MD Office From Olive Enterprises, LLC For $3M

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SOLD
$3,000,000

Maryland

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Office12,624 SF
Sold 01/26/2024
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Property Image
SOLD

Ganges Laurel LLC Acquires Laurel, MD Office From Olive Enterprises, LLC For $3M

9705 Washington Blvd N

See Similar Deals
Office12,624 SF
Sold 01/26/2024
Contact now

Summary

MARYLAND
Asset Type:Office
Price Per Square Foot:$237
Total Square Footage:12,624 SF
Transaction Type:Sale

The office property located at 9705 Washington Blvd N in Laurel, MD was sold for $3,000,000. The total square footage of the property is 12,624, translating to a price per square foot of $238. The transaction took place between Marty Youmans of Olive Enterprises, LLC, who was the seller, and the buyer, Ganges Laurel LLC.

Summary of transation details:

Cecil Cummins and Eric Pinkett from Hyatt Commercial represented the buyer, Ganges Laurel LLC, in the acquisition of the property. The sale price of $3,000,000 was $237.64 per square foot, higher than the regional average sale price, marking a successful transaction between the involved parties.

Players

Cecil Cummins
8 deals$51.4M volume(410) 260-6536
BROKER

Eric Pinkett
Hyatt Commercial
7 deals$48.7M volume(410) 260-6551
BROKER

Details

SOLD
IMAGE: Cecil Cummins & Eric Pinkett DATE: 01/26/2024 ADDRESS: 9705 Washington Blvd N MARKET: Laurel, MD ASSET TYPE: Office BUYER: Ganges Laurel LLC SELLER: Marty Youmans - Olive Enterprises, LLC BROKERS: Cecil Cummins & Eric Pinkett - Hyatt Commercial SALE PRICE: $3,000,000 SF: 12,624 ~ PPSF: $238 NOTE: Ganges Laurel LLC has acquired the property at 9705 Washington Blvd N, Laurel, MD 20723, from Olive Enterprises, LLC, for $3,000,000, marking $237.64 per square foot, above the regional average sale price.

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

$160,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
Annual Debt Service$170,658.37