SMT Development Acquires Development Site At 1006 Broadway Somerville For $4.2M
1006 Broadway
$4,200,000
$263/SF
Building Size
15,961 SF
Asset Type
Development Site
Closing
Feb 5, 2025
AI
The asset involved in this transaction is a development site located at 1006 Broadway in Somerville, MA. The sale price was set at $4,200,000, with a building square footage of 15,961 and a price per building square foot of $263. The site also features a total square footage of 15,961, aligning with the same price per square foot of $263.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,200,000
- Buyer: SMT Development
- Seller: Eaglebrook Capital
- Broker Representatives: Ryan Taylor, Brayden Haney & Justin Pepple - Fortune Realty
The deal was facilitated by the brokerage firm Fortune Realty, represented by brokers Ryan Taylor, Brayden Haney, and Justin Pepple. Their roles were pivotal in the transaction process, managing the communications and negotiations between SMT Development and Eaglebrook Capital.
Players
Somerville Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.78%
Cash-on-Cash
-1.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93