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Spire Investments Acquires 15-Unit Multifamily Property In Salem For $3.25M
SOLD
$3,250,000
Massachusetts
See Similar DealsMultiFamily
Sold 05/10/2024
SOLD
Spire Investments Acquires 15-Unit Multifamily Property In Salem For $3.25M
17 Winter Street
See Similar DealsMultiFamily
Sold 05/10/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale
The 15-unit multifamily property located at 17 Winter Street in Salem, MA has been sold for $3.25 million. The property, near Salem Common on the North Shore, was acquired by Spire Investments for an average price per unit of over $216,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,250,000
- Units: 15
- Price per Unit: $216,667
- Buyer: Spire Investments - Jay Goldberg
- Market: Salem, MA
- Address: 17 Winter Street
Spire Investments, represented by Jay Goldberg, has successfully closed the acquisition of the multifamily property at 17 Winter Street. This deal highlights the strategic investment made by Spire Investments in expanding their real estate portfolio in the Salem, MA market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$173,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,546.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,406.66
Annual Debt Service$184,879.90
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