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Steve Samuels Of Samuels & Associates Acquires Development Site In Boston For $9M From CIM Group
SOLD
$9,000,000
Massachusetts
See Similar DealsDevelopment Site
Sold 01/27/2025
SOLD
Steve Samuels Of Samuels & Associates Acquires Development Site In Boston For $9M From CIM Group
69 Kilmarnock Street & 81 Kilmarnock Street
See Similar DealsDevelopment Site
Sold 01/27/2025
Summary
MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Sale
A development site located at 69-81 Kilmarnock Street in Boston, MA, has been sold for $9,000,000. The site includes two parcels in the Fenway area and previously had approval for a 77-unit residential project, which will now be revised.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,000,000
- Buyer: Steve Samuels - Samuels & Associates
- Seller: Shaul Kuba, Richard Ressler & Avi Shemesh - CIM Group
- Date of Transaction: 01/27/2025
The transaction involved Steve Samuels of Samuels & Associates acquiring the site from CIM Group, represented by Shaul Kuba, Richard Ressler, and Avi Shemesh. The buyer's plans involve modifications to the existing project approvals for the residential development.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$480,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10
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