Real Estate Property Services Acquires Two Commercial Buildings In Wilmington From Michael Procopio For $9.4M
203 Lowell Street
$9,400,000
$896/SF
Building Size
10,488 SF
Asset Type
Commercial
Closing
May 14, 2025
AI
The asset involved in this transaction is a commercial property located at 203 Lowell Street, Wilmington. The sale price was $9,400,000 for a total square footage of 10,488, translating to a price per square foot of $896.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: $9,400,000
- Buyer: Real Estate Property Services
- Seller: Michael Procopio - Procopio Companies
- Square Footage: 10,488
- Price Per Square Foot: $896
Michael Procopio of Procopio Companies represented the seller in the transaction, facilitating the sale of two commercial buildings to Real Estate Property Services.
Players
Wilmington Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.69%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93