Herrick Lutts Realty Partners Sells Development Site In Lynn, MA For $820,000
SOLD
$820,000
Massachusetts
See Similar DealsDevelopment Site
Sold 05/06/2022
SOLD
Herrick Lutts Realty Partners Sells Development Site In Lynn, MA For $820,000
56-58 Ocean Street, Lynn, Massachusetts 01902, United States
See Similar DealsDevelopment Site
Sold 05/06/2022
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Sale
A development site located at 56-58 Ocean St in Lynn, MA has been sold for a total price of $820,000. The property consists of a 12 unit apartment building, with each unit priced at an average of $68,333.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $820,000
- Address: 56-58 Ocean St, Lynn, MA
- Market: Lynn, MA
- Seller: 58 Ocean, LLC
- Brokers: Jason Grzybek & Paul Herrick - Herrick Lutts Realty Partners
This transaction was facilitated by Jason Grzybek and Paul Herrick, representing Herrick Lutts Realty Partners. They successfully closed the deal for the seller, 58 Ocean LLC. It is important to note that the property has received permits for the construction of a 12 unit apartment building.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$43,733.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,913.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,887.22
Annual Debt Service$46,646.62
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