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Ricky Beliveau & John Tocco Of V10 Development Purchase Development Site In Everett For $6M
SOLD
$6,000,000
Massachusetts
See Similar DealsDevelopment Site
Sold 07/26/2024
SOLD
Ricky Beliveau & John Tocco Of V10 Development Purchase Development Site In Everett For $6M
128 Spring Street
See Similar DealsDevelopment Site
Sold 07/26/2024
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Sale
The development site at 128 Spring Street, located in Everett, MA, has been sold for $6 million. This site has plans for a 7-story building featuring 230 apartments and 2,500 square feet of retail space. Demolition and site work are anticipated to commence this summer.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,000,000
- Address: 128 Spring Street
- Market: Everett, MA
- Buyer: Ricky Beliveau & John Tocco - V10 Development
Ricky Beliveau and John Tocco are affiliated with V10 Development, the company responsible for purchasing the site, which is designated for the Terra development project.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$319,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,316.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,443.06
Annual Debt Service$341,316.73
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