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Dick Mckinley Of Sotheby's International Realty Represents Buyer In $1.2M Marblehead MultiFamily Sale

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SOLD
$1,200,000

Massachusetts

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MultiFamily2,124 SF
Sold 07/12/2024
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Property Image
SOLD

Dick Mckinley Of Sotheby's International Realty Represents Buyer In $1.2M Marblehead MultiFamily Sale

10 Fort Beach Lane

See Similar Deals
MultiFamily2,124 SF
Sold 07/12/2024
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$565
Total Square Footage:2,124 SF
Transaction Type:Sale

A historic two-family home in Marblehead's Old Town, located at 10 Fort Beach Lane, was sold for $1,200,000. The property features 3 bedrooms, 2 bathrooms, and water views, covering a total square footage of 2,124. The per-unit price is $600,000, and the price per square foot is $565. Significant updates include new siding, updated interiors, and a crow's nest with vaulted ceilings. The property also includes a yard and is in proximity to Fort Beach and local landmarks.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $1,200,000
  • Units: 2
  • Square Footage: 2,124
  • Price Per Unit: $600,000
  • Price Per Square Foot: $565
  • Buyer's Representative: Dick Mckinley - Sotheby's International Realty
  • Seller's Representative: Merry Fox Team - MerryFox Realty

The deal was facilitated by Dick Mckinley from Sotheby's International Realty, representing the buyer. The seller was represented by the Merry Fox Team from MerryFox Realty. This transaction highlights the collaborative efforts of these real estate professionals in closing the deal on this notable property.

Players

Dick Mckinley
2 deals$2.2M volume
BROKER

Details

SOLD
IMAGE: Dick Mckinley DATE: 07/12/2024 ADDRESS: 10 Fort Beach Lane MARKET: Marblehead, MA ASSET TYPE: MultiFamily BUYER'S REP: Dick Mckinley - Sotheby's International Realty (@SothebysRealty) SELLER'S REP: Merry Fox Team - MerryFox Realty (@MerryFoxRealty) SALE PRICE: $1,200,000 UNITS: 2 ~ PPU: $600,000 SF: 2,124 ~ PPSF: $565 NOTE: A historic two-family home in Marblehead's Old Town sold for $1,200,000, featuring 3 beds, 2 baths, and water views. The property includes updated interiors, a crow's nest with vaulted ceilings, new siding, and a yard, located near Fort Beach and local landmarks.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$64,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,263.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,688.61
Annual Debt Service$68,263.35