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:
- Property Type: Multifamily
- Transaction Amount: $1,700,000
- Units: 2
- Square Footage: 3,329 SF
- Price Per Unit: $850,000
- Price Per Square Foot: $511
- Buyer’s Representative: Ning Sun - United Real Estate
- Seller’s Representative: Katie Malin - Compass
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
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
9.33%
Cash-on-Cash
-2.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93