Francesca Little Of Little & Co Represents Buyer In Salem Multifamily Sale For $1.75M
1-7 Prince Street
$1,750,000
$262/SF
Building Size
6,656 SF
Asset Type
MultiFamily
Closing
Aug 16, 2024
AI
This multifamily property located at 1-7 Prince Street in Salem, MA, has a sale price of $1,750,000. The asset spans a total of 6,656 square feet and consists of eight 2-bedroom, 1-bath apartments distributed across two buildings. The property features updated systems and presents potential for rental income growth, as the current rents are below market rates.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,750,000
- Square Footage: 6,656
- Price per Square Foot: $263
- Buyer's Representative: Francesca Little - Little & Co
- Seller's Representative: The Green Team - Armstrong Field Real Estate
The transaction was represented by Francesca Little of Little & Co for the buyer, while the seller was represented by The Green Team from Armstrong Field Real Estate. This deal is characterized by the opportunities it presents to the new owner for enhanced rental income.
Players
Salem MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.06%
Cash-on-Cash
-2.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93