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Legacy Place Apartments In Lawrence, MA Sells For $21.5M With Marcus & Millichap Brokers

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SOLD
$21,500,000

Massachusetts

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MultiFamily
Sold 06/27/2023
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Property Image
SOLD

Legacy Place Apartments In Lawrence, MA Sells For $21.5M With Marcus & Millichap Brokers

112 Marston St Lawrence, MA 01841, USA

See Similar Deals
MultiFamily
Sold 06/27/2023
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale

The Legacy Place Apartments, located at 112 Marston Street in Lawrence, MA, has been sold in a recent transaction. This multifamily property consists of 104 units and was sold for a total price of $21,500,000, which reflects a per unit price of approximately $206,731. The sale was facilitated by Laurie Ann “L.A.” Drinkwater, Seth J. Richard, and Matthew Pierce of Marcus & Millichap.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $21,500,000
  • Address: 112 Marston Street, Lawrence, MA
  • Market: Lawrence, MA
  • Units: 104
  • Price Per Unit: $206,731

Laurie Ann “L.A.” Drinkwater, Seth J. Richard, and Matthew Pierce from Marcus & Millichap played an instrumental role in marketing and securing the sale of Legacy Place Apartments. Situated near Highway 495, this property offers convenient access to major transportation routes and amenities.

Players

Laurie Ann "L.A." Drinkwater
13 deals$75M volume(860) 287-0568
BROKER

Matthew Pierce
Marcus & Millichap
12 deals$54.6M volume(617) 896-7214
BROKER

Seth Richard
Marcus & Millichap
12 deals$62.8M volume
BROKER

Details

SOLD
IMAGE: Matthew Pierce, Seth J. Richard & Laurie Ann “L.A.” Drinkwater DATE: 06/27/2023 ADDRESS: 112 Marston Street MARKET: Lawrence, MA ASSET TYPE: Multifamily BROKERS: Laurie Ann “L.A.” Drinkwater, Seth J. Richard & Matthew Pierce - Marcus & Millichap (@MarcusMillichapBoston) SALE PRICE: $21,500,000 UNITS: 104 ~ PPU: $206,731 NOTE: Laurie Ann "L.A." Drinkwater, Seth J. Richard, and Matthew Pierce of Marcus & Millichap played key roles in marketing and securing the sale of Legacy Place Apartments. The property, located at 112 Marston St. near Highway 495 in Massachusetts.

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

$1,146,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$76,384.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$101,920.97
Annual Debt Service$1,223,051.63