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217, 218, 220, 230 &Amp; 24...

Old Wharf Dennis Acquires 19.2-Acre Land In Dennisport, MA For $29.2M From Chases Ocean Grove
SOLDLand

Old Wharf Dennis Acquires 19.2-Acre Land In Dennisport, MA For $29.2M From Chases Ocean Grove

217, 218, 220, 230 &Amp; 241 Old Wharf Rd

$29,200,000

Building Size

Asset Type

Land

Closing

May 1, 2023

AI

Old Wharf Dennis has purchased a 19.2-acre land in Dennisport, Massachusetts, for $29.2 million from Chases Ocean Grove. The property, located at 217, 218, 220, 230, and 241 Old Wharf Rd, features 1,000 feet of beachfront access along Nantucket Sound. It is encumbered by 277 individual ground leases.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $29,200,000
  • Market: Dennis Port, MA
  • Acres: 19.2

The deal was facilitated by Martha Nay, Alan Suzuki, Matt Enright, and Kellie Coveney from JLL.

Players

Martha Nay

JLL

Broker

$117.6M

vol

4 deals

Broker

Itapemirim Land Market Snapshot

Boundary boundary · Land · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.54%

Cash-on-Cash

-0.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93