Updated Oct 29, 2024
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
About this deal
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.
On the Map
$29,200,000
Land
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Players
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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