Spire Investments Acquires Multifamily Property In Gloucester, MA For $3.55M
16 Magnolia Avenue, Gloucester, Massachusetts 01930, United States
$3,555,000
$330/SF
Building Size
10,756 SF
Asset Type
MultiFamily
Closing
Jan 18, 2022
AI
An 18-unit multifamily property located at 16 Magnolia Avenue in Gloucester, MA has been sold for $3,555,000. The property, spanning 10,756 square feet, was sold by Stephen Girolamo and Jay Goldberg. The sale was facilitated by broker Stephen Girolamo of Horvath & Tremblay on behalf of the buyer Spire Investments, represented by Jay Goldberg. With a price per unit of $197,500 and a price per square foot of $331, this transaction highlights the strong demand for multifamily assets in the area.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,555,000
- Units: 18
- Price Per Unit: $197,500
- Square Footage: 10,756
- Price Per Square Foot: $331
- Location: 16 Magnolia Avenue, Gloucester, MA
- Market: Gloucester, MA
This transaction involved Spire Investments as the buyer, represented by Jay Goldberg, and Stephen Girolamo of Horvath & Tremblay as the broker. The sale emphasizes the successful collaboration between the buyer and their dedicated representative, showcasing the expertise and capabilities of both parties involved.
Players
Gloucester MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.46%
Cash-on-Cash
-1.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93