Updated Sep 5, 2024
Herrick Lutts Realty Partners Sells Salem Multifamily Portfolio For $2.075M
151 North St Salem, MA 01970, USA
$2,075,000
Units
17
Asset Type
MultiFamily
Closing
Jun 9, 2023
About this deal
AI
Herrick Lutts Realty Partners, based in Salem, MA, has successfully sold 17 apartment units spread across three separate buildings in the city for a total of $2.075 million. The properties are located at 151, 153 & 157 North Street in Salem, MA. The multifamily asset comprises a total of 17 units, with an average price per unit (PPU) of $122,059.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,075,000
- Units: 17
- PPU: $122,059
- Address: 151, 153 & 157 North Street, Salem, MA
- Market: Salem, MA
The brokers involved in the sale were Herrick Lutts and Nick Zolotas from Herrick Lutts Realty Partners. Through their expertise and efforts, these apartment units were successfully sold, providing a valuable investment opportunity in Salem, MA.
Players
Boston MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.64%
Cash-on-Cash
-2.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93