Ryan Mccormick Represents Buyer In $1.76M Somerville Multifamily Sale
23 Pearson Avenue
$1,766,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 17, 2024
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.
Players
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
8.98%
Cash-on-Cash
-2.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93