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Park Hou Group Of Splice Realty LLC Represents Buyer In Cambridge Multifamily Sale For $3.3M

Property Image
SOLD
$3,300,000

Massachusetts

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MultiFamily7,938 SF
Sold 08/16/2024
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Property Image
SOLD

Park Hou Group Of Splice Realty LLC Represents Buyer In Cambridge Multifamily Sale For $3.3M

11 Wendell Street & 13 Wendell Street

See Similar Deals
MultiFamily7,938 SF
Sold 08/16/2024
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$415
Total Square Footage:7,938 SF
Transaction Type:Sale

A 5-unit multifamily building located at 11-13 Wendell Street in Cambridge, MA, was sold for $3,300,000. The property spans a total of 3,969 square feet and has a price per square foot of $831. This multifamily asset is leased until August 2025 and includes nine parking spots, generating a gross annual rent of $201,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,300,000
  • Units: 5
  • Price Per Unit: $660,000
  • Square Feet: 3,969
  • Price Per Square Foot: $831
  • Buyer's Representative: Park Hou Group - Splice Realty LLC
  • Seller's Representative: David Lilley - REMAX Destiny

The transaction was represented by Park Hou Group on behalf of the buyer, Splice Realty LLC, while the seller was represented by David Lilley from REMAX Destiny. The property presents opportunities for potential condo conversion and expansion, highlighting the appeal of the asset within the real estate market.

Players

David Lilley
Re/Max
David Lilley
14 deals$34.8M volume
BROKER

Details

SOLD
IMAGE: David Lilley DATE: 08/16/2024 ADDRESS: 11-13 Wendell Street MARKET: Cambridge, MA ASSET TYPE: Multifamily BUYER'S REP: Park Hou Group - Splice Realty LLC SELLER'S REP: David Lilley (@‌DavidJLilleyRealEstate) - REMAX Destiny (@DestinyAgents) SALE PRICE: $3,300,000 UNITS: 5 ~ PPU: $660,000 SF: 3,969 ~ PPSF: $831 NOTE: A 5-unit building near Harvard Square, Cambridge, sold for $3.3M with a gross annual rent of $201K and nine parking spots. The property, leased until August 2025, offers potential for condo conversion and expansion.

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

$175,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,724.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,643.68
Annual Debt Service$187,724.20