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Erica Rommell Purchases Multifamily Asset From George Warshaw For $2.3 Million In Boston

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SOLD
$2,300,000

Massachusetts

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MultiFamily2,844 SF
Sold 07/19/2024
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Property Image
SOLD

Erica Rommell Purchases Multifamily Asset From George Warshaw For $2.3 Million In Boston

23 Tileston Street

See Similar Deals
MultiFamily2,844 SF
Sold 07/19/2024
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$808
Total Square Footage:2,844 SF
Transaction Type:Sale

This multifamily asset located at 23 Tileston Street in Boston, MA, was sold for a transaction amount of $2,300,000. The property consists of 3 units and has a total square footage of 2,844, resulting in a price per unit of $766,667 and a price per square foot of $809.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,300,000
  • Units: 3
  • Square Footage: 2,844
  • Price Per Unit: $766,667
  • Price Per Square Foot: $809
  • Buyer: Erica Rommell
  • Seller: George Warshaw
  • Buyer's Representative: Giancarlo Tiberi - Core Property Group

Giancarlo Tiberi facilitated the sale of this generational asset in the North End. Core Property Group, where he represents the buyer, has a significant presence in the marketing, acquisition, and disposition of multifamily assets within Greater Boston and surrounding areas. The firm manages $200 million in assets under management and has a comprehensive management and leasing division along with a development arm, enabling them to offer extensive market insights to their clients throughout various market cycles.

Players

Giancarlo Tiberi
24 deals$95.1M volume(617) 909-9191
BROKER

Details

SOLD
IMAGE: Giancarlo Tiberi DATE: 07/19/2024 ADDRESS: 23 Tileston Street MARKET: Boston, MA ASSET TYPE: Multifamily BUYER: Erica Rommell SELLER: George Warshaw BUYER'S REP: Giancarlo Tiberi (@CorePropertyGroup) - Core Property Group SALE PRICE: $2,300,000 UNITS: 3 ~ PPU: $766,667 SF: 2,844 ~ PPSF: $809 NOTE FROM BUYER'S REP: Giancarlo Tiberi, sold this 3 unit generational asset in the North End. Core Property Group is a market leader in the marketing, acquisition & disposition of multi family assets in Greater Boston and surrounding areas. The firm currently has $200 MM AUM. Core has a full management division, a full leasing team and a development arm. Core’s experience and keen market knowledge allows them to advise their clients throughout the various market cycles.

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

$122,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$8,171.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,903.17
Annual Debt Service$130,838.08