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Francesca Little Of Little & Co Represents Buyer In Salem Multifamily Sale For $1.75M
SOLD
$1,750,000
Massachusetts
See Similar DealsMultiFamily6,656 SF
Sold 08/16/2024
SOLD
Francesca Little Of Little & Co Represents Buyer In Salem Multifamily Sale For $1.75M
1-7 Prince Street
See Similar DealsMultiFamily6,656 SF
Sold 08/16/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$262
Total Square Footage:6,656 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$93,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,217.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,295.89
Annual Debt Service$99,550.71
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