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Coldwell Banker Brokers Sale Of Gloucester Multifamily Property For $1.2M

Property Image
SOLD
$1,200,000

Massachusetts

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MultiFamily3,785 SF
Sold 05/17/2024
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Property Image
SOLD

Coldwell Banker Brokers Sale Of Gloucester Multifamily Property For $1.2M

101 Western Avenue

See Similar Deals
MultiFamily3,785 SF
Sold 05/17/2024
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$317
Total Square Footage:3,785 SF
Transaction Type:Sale

A waterfront mixed-use multifamily property located at 101 Western Avenue in Gloucester, MA, was recently sold for $1.2 million. The property spans 3,785 square feet, translating to a price per square foot of $317.

Summary of transaction details:

The sale of this property provides a unique opportunity with various potentials, including owner-occupied living, commercial use, or condominium conversion. Gabriela Debenedictis from Coldwell Banker facilitated this transaction, showcasing her expertise in the market.

Players

Gabriela Debenedictis
1 deal$1.2M volume(978) 879-9773
BROKER

Details

SOLD
IMAGE: Gabriela Debenedictis DATE: 05/17/2024 ADDRESS: 101 Western Avenue MARKET: Gloucester, MA ASSET TYPE: Multifamily BROKER: Gabriela Debenedictis (@RealEstateGabyDebenedictis) - Coldwell Banker (@ColdwellBanker) SALE PRICE: $1,200,000 SF: 3,785 ~ PPSF: $317 NOTE: A waterfront mixed-use multifamily property at 101 Western Ave in Gloucester, MA, was sold for $1.2 million, offering a rare opportunity with potential for owner-occupied living, commercial use, or condominium conversion.

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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