Andrew Jackson Sells Multifamily Property In Salem, MA For $1.65M. Buyer's Rep: Rebecca Pappas. Seller's Rep: Nicholas Zolotas & Paul Herrick - Herrick Lutts Realty Partners
SOLD
$1,650,000
Massachusetts
See Similar DealsMultiFamily6,561 SF
Sold 07/18/2023
SOLD
Andrew Jackson Sells Multifamily Property In Salem, MA For $1.65M. Buyer's Rep: Rebecca Pappas. Seller's Rep: Nicholas Zolotas & Paul Herrick - Herrick Lutts Realty Partners
19 Beach Ave Salem, MA 01970, USA
See Similar DealsMultiFamily6,561 SF
Sold 07/18/2023
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$251
Total Square Footage:6,561 SF
Transaction Type:Sale
The multifamily property located at 19 Beach Avenue in Salem, MA has been sold for a price of $1,650,000. The property consists of 2 units, with a price per unit of $825,000. The total square footage of the property is 6,561, resulting in a price per square foot of $251.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,650,000
- Address: 19 Beach Avenue, Salem, MA
- Units: 2
- Price Per Unit: $825,000
- Total Square Footage: 6,561
- Price Per Square Foot: $251
The seller of the property is Andrew Jackson, with Nicholas Zolotas and Paul Herrick from Herrick Lutts Realty Partners acting as the seller's representatives. On the other hand, the buyer's representative is Rebecca Pappas.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$88,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,862.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,821.84
Annual Debt Service$93,862.10
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