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23 Packard Avenue

Ning Sun Of United Real Estate Represents Buyer In $1.7 Million Somerville Multifamily Sale
SOLDMultiFamily

Ning Sun Of United Real Estate Represents Buyer In $1.7 Million Somerville Multifamily Sale

23 Packard Avenue

$1,700,000

$510/SF

Building Size

3,329 SF

Asset Type

MultiFamily

Closing

Jun 26, 2024

AI

A gambrel-style two-family home, located at 23 Packard Avenue in Somerville, MA, sold for $1.7 million. The property features a total of 8 bedrooms and 4 baths, spread over a generous 3,329 square feet, with a price per unit of $850,000 and a price per square foot of $511.

Summary of transaction details:

The transaction involved Ning Sun representing the buyer, while Katie Malin represented the seller. This sale is strategically located near Tufts University and Teele Square, adding to its value in the Somerville market.

Players

Ning Sun

United Real Estate

Broker

$6.3M

vol

3 deals

Broker

Somerville MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

9.33%

Cash-on-Cash

-2.67%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93