Matthew Novak & Andrew Holmberg Acquire Development Site In Chelsea, MA For $8.5M
SOLD
$8,500,000
Massachusetts
See Similar DealsDevelopment Site75,000 SF
Sold 12/28/2020
SOLD
Matthew Novak & Andrew Holmberg Acquire Development Site In Chelsea, MA For $8.5M
250 Marginal Street, Chelsea, MA, USA
See Similar DealsDevelopment Site75,000 SF
Sold 12/28/2020
Summary
MASSACHUSETTS
Asset Type:Development Site
Price Per Square Foot:$113
Total Square Footage:75,000 SF
Transaction Type:Sale
A development site located at 250 Marginal Street in Chelsea, MA has been sold in a recent transaction. The property spans 75,000 square feet and was sold for a price of $8,500,000, resulting in a price per square foot of $113.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $8,500,000
- Address: 250 Marginal Street, Chelsea, MA
- Market: Chelsea, MA
The seller of the property was Paul Bernon, representing Rubicon Real Estate, LLC. The buyer of the property is a partnership between Matthew Novak and Andrew Holmberg. No further details about the buyer's representation were provided.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$453,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04
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