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Ryan Taylor Of Fortune Realty Represents Sale Of 69-Unit Multifamily Development In Somerville For $7.3M
SOLD
$7,300,000
Massachusetts
See Similar DealsMultiFamily47,572 SF
Sold 01/27/2025
SOLD
Ryan Taylor Of Fortune Realty Represents Sale Of 69-Unit Multifamily Development In Somerville For $7.3M
21 Allen Street
See Similar DealsMultiFamily47,572 SF
Sold 01/27/2025
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$153
Total Square Footage:47,572 SF
Transaction Type:Sale
A 69-unit multi-family development located at 21 Allen Street in Somerville, MA, recently sold for $7.3 million. This property has a total square footage of 47,572 and a price per unit of $105,797, translating to a price per square foot of $153. It is located in a Qualified Opportunity Zone and is part of Union Square’s $2 billion redevelopment project, with permits in place for sustainability as a Passive House.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,300,000
- Units: 69
- Square Footage: 47,572
- Price Per Unit: $105,797
- Price Per Square Foot: $153
- Broker: Ryan Taylor - Fortune Realty
Ryan Taylor represented the seller in this transaction, facilitating the sale of the multi-family asset within a development site poised for significant urban renewal and sustainability efforts in Somerville.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$389,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$25,935.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,605.72
Annual Debt Service$415,268.69
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