Herrick Lutts Realty Partners Sells Multifamily Property In Salem For $850K
SOLD
$850,000
Massachusetts
See Similar DealsMultiFamily4,394 SF
Sold 09/12/2022
SOLD
Herrick Lutts Realty Partners Sells Multifamily Property In Salem For $850K
101 Ocean Avenue
See Similar DealsMultiFamily4,394 SF
Sold 09/12/2022
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$193
Total Square Footage:4,394 SF
Transaction Type:Sale
The property asset involved in this transaction is a multifamily building located at 101 Ocean Ave in Salem, MA. The sale price for this asset was $850,000, comprising a total of 4 units. The building features a square footage of 4,394, resulting in a price per unit of $212,500 and a price per square foot of $193.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $850,000
- Units: 4
- Square Footage: 4,394
- Price Per Unit: $212,500
- Price Per Square Foot: $193
The brokers representing this transaction are Nicholas Zolotas and Jason Grzybek from Herrick Lutts Realty Partners. They facilitated the sale process, ensuring the transaction reached a successful conclusion.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$45,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,019.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$4,029.43
Annual Debt Service$48,353.20
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