Updated Dec 4, 2024
Ryan Mccormick Represents Buyer In $1.76M Somerville Multifamily Sale
23 Pearson Avenue
$1,766,000
Units
3
Asset Type
MultiFamily
Closing
Jun 17, 2024
About this deal
AI
23 Pearson Ave in Somerville, MA, sold for $1,766,000, featuring a well-maintained 3-family home with historic charm and modernized systems. Located near Davis Square and other transit options, the property offers a prime location for both owner-occupants and investors, with leases ending soon on two units and ample parking and outdoor space amenities.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,766,000
- Units: 3
- Price Per Unit: $588,667
- Address: 23 Pearson Avenue
- Market: Somerville, MA
Ryan Mccormick from Metro Realty represented the buyer in the transaction, while The Shorey Realty Group from Real Broker MA acted as the seller's representative.
On the Map
$1,766,000
MultiFamily
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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
8.98%
Cash-on-Cash
-2.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93