Marcus & Millichap Sells Development Site In Swampscott, MA For $1.6M
SOLD
$1,593,000
+ 1
Massachusetts
See Similar DealsDevelopment Site15,000 SF
Sold 12/02/2021
SOLD
Marcus & Millichap Sells Development Site In Swampscott, MA For $1.6M
12-24 Pine Street, Swampscott, Massachusetts, USA
See Similar DealsDevelopment Site15,000 SF
Sold 12/02/2021
+ 1
Summary
MASSACHUSETTS
Asset Type:Development Site
Price Per Square Foot:$106
Total Square Footage:15,000 SF
Transaction Type:Sale
The development site located at 12-24 Pine Street in Swampscott, MA has been sold in a recent transaction. The property encompasses a total of 34 units and spans approximately 15,000 square feet. The sale took place on 12/02/2021, with a sale price of $1,593,000. This translates to a price per square foot of $106.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $1,593,000
- Units: 34
- Address: 12-24 Pine Street, Swampscott, MA
- Market: Swampscott, MA
The buyers of this development site were represented by Harrison Klein, Luigi Lessa, and Mark Lyman from Marcus & Millichap. On the other hand, John Craig, also from Marcus & Millichap, represented the sellers in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$84,960.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,659.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,551.63
Annual Debt Service$90,619.59
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