Gibson Sotheby's & Compass Close $1.65M Sale Of Somerville Multifamily
21 Burnside Avenue
$1,650,000
$534/SF
Building Size
3,085 SF
Asset Type
MultiFamily
Closing
Apr 30, 2024
AI
A 3-family home at 21 Burnside Ave, Somerville, sold for $1.65 million, offering 4 beds and 3 baths across 3,085 square feet. Situated near Porter Square, the property boasts rich wood paneling, arched doorways, and modern amenities, providing a unique blend of historical charm and contemporary comfort.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $1,650,000
- Units: 3
- Price Per Unit: $550,000
- Square Footage: 3,085
- Price Per Square Foot: $535
- Address: 21 Burnside Avenue
- Market: Somerville, MA
- Buyer's Rep: George Horiatis - Gibson Sotheby's International Realty
- Seller's Rep: Chris Young, Maggie Currier & Spencer Lane - Compass
The deal involved George Horiatis representing the buyer from Gibson Sotheby's International Realty, and on the seller's side, Chris Young, Maggie Currier, and Spencer Lane from Compass. The transaction, finalized on 04/30/2024, showcased a successful collaboration between the buyer's and seller's representatives in closing the sale.
Players
Somerville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.61%
Cash-on-Cash
-2.75%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93