Dana Lopez & Raymond Nickerson Acquire Revere, MA Multifamily For $15M
SOLD
$15,000,000
Massachusetts
See Similar DealsMultiFamily50,625 SF
Sold 09/13/2021
SOLD
Dana Lopez & Raymond Nickerson Acquire Revere, MA Multifamily For $15M
1 Revere Beach Boulevard, Revere, MA 02151, USA
See Similar DealsMultiFamily50,625 SF
Sold 09/13/2021
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$296
Total Square Footage:50,625 SF
Transaction Type:Sale
The multifamily property located at 1 Revere Beach Blvd in Revere, MA has been sold for $15,000,000. The transaction took place on September 13, 2021. The property consists of 50 units, with a price per unit of $300,000. It has a total square footage of 50,625, with a price per square foot of $296.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $15,000,000
- Address: 1 Revere Beach Blvd, Revere, MA
- Market: Revere, MA
- Buyer: Dana Lopez & Raymond Nickerson
- Seller: Joseph A. Festa Jr
- Units: 50
- Price per Unit: $300,000
- Total Square Footage: 50,625
- Price per Square Foot: $296
The buyers of the property are Dana Lopez and Raymond Nickerson. They acquired the property from Joseph A. Festa Jr. It is a significant acquisition in the Revere, MA market, adding to their real estate portfolio.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$799,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83
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