facebook

traded

+ Submit
Home

/

Deals

/

Massachusetts

/

Multifamily

/

Sale

/

16 Magnolia Avenue, Glouces...

Spire Investments Acquires Multifamily Property In Gloucester, MA For $3.55M
SOLDMultiFamily

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

Stephen Girolamo

Horvath & Tremblay

Broker

$326.1M

vol

99 deals

Broker
Jay Goldberg

Jay Goldberg

Spire Investments

Buyer

$87.1M

vol

13 deals

Buyer

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