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Michael Deluca & Susan DeRosas Of Coldwell Banker Close $1.15M Sale Of Boston Multifamily Property

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SOLD
$1,150,000

Massachusetts

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MultiFamily3,353 SF
Sold 05/20/2024
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Property Image
SOLD

Michael Deluca & Susan DeRosas Of Coldwell Banker Close $1.15M Sale Of Boston Multifamily Property

226 Cornell Street

See Similar Deals
MultiFamily3,353 SF
Sold 05/20/2024
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$343
Total Square Footage:3,353 SF
Transaction Type:Sale

Located at 226 Cornell Street in Boston, MA, this multifamily property comprising 2 units was sold for $1,150,000, amounting to a price per unit of $575,000. The property spans 3,353 square feet, equating to a price per square foot of $343. The transaction took place on 05/20/2024.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,150,000
  • Units: 2
  • Price Per Unit: $575,000
  • Square Footage: 3,353
  • Price Per Square Foot: $343
  • Address: 226 Cornell Street
  • Market: Boston, MA
  • Brokers: Michael Deluca & Susan DeRosas - Coldwell Banker

Michael Deluca and Susan DeRosas from Coldwell Banker represented the parties in this sale of 226 Cornell Street. The property offers a promising value-add or redevelopment opportunity, given its three-family layout and potential as part of a larger ten-unit project. The deal presents an exciting prospect for further development in the Boston, MA area.

Players

Michael (Mike) Deluca
2 deals$2.4M volume(978) 973-2702
BROKER

Susan deRosas
Coldwell Banker
2 deals$2.4M volume(978) 502-7229
BROKER

Details

SOLD
IMAGE: Michael Deluca & Susan deRosas DATE: 05/20/2024 ADDRESS: 226 Cornell Street MARKET: Boston, MA ASSET TYPE: Multifamily BROKERS: Michael Deluca & Susan DeRosas (@SueDeRosas) - Coldwell Banker (@ColdwellBanker) SALE PRICE: $1,150,000 UNITS: 2 ~ PPU: $575,000 SF: 3,353 ~ PPSF: $343 NOTE: Sold for $1.15 million, 226 Cornell Street in Boston, MA, presents a fantastic value-add or redevelopment opportunity with its three-family layout on a large, high-probability buildable lot, potentially part of a ten-unit project.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$61,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,085.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,451.59
Annual Debt Service$65,419.04