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Shawn Shea Of Custom House LLC Acquires Mixed-Use Property In Salem For $5 Million
SOLD
$5,000,000
Massachusetts
See Similar DealsMixed-use
Sold 07/04/2025
SOLD
Shawn Shea Of Custom House LLC Acquires Mixed-Use Property In Salem For $5 Million
178 Derby Street
See Similar DealsMixed-use
Sold 07/04/2025
Summary
MASSACHUSETTS
Asset Type:Mixed-use
Transaction Type:Sale
The mixed-use asset located at 178 Derby Street in Salem, MA, was sold for $5,000,000. This property is noted for its historical significance, originally being the Custom House built in 1805.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $5,000,000
- Buyer: Shawn Shea - Custom House LLC
- Broker: Ted Richard - J Barrett & Company
- Sale Date: 07/04/2025
Ted Richard of J Barrett & Company represented the seller in this transaction, facilitating the sale of the historic property to Shawn Shea, who is affiliated with Custom House LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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