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SMC Management Purchases 59-Unit Multifamily Asset From Eric J. Chinburg For $13.7M

Property Image
SOLD
$13,700,000
Simon Butler
John McLaughlin
Biria St. John
+ 1

Massachusetts

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MultiFamily
Sold 11/22/2024
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Property Image
SOLD

SMC Management Purchases 59-Unit Multifamily Asset From Eric J. Chinburg For $13.7M

24 Essex Street

See Similar Deals
MultiFamily
Sold 11/22/2024
Simon Butler
John McLaughlin
Biria St. John
+ 1
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 24 Essex Street, Haverhill, MA, featuring 59 units. The total sale price for the property was $13,700,000, resulting in a per-unit price of $232,203.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $13,700,000
  • Units: 59
  • PPU: $232,203
  • Buyer: SMC Management
  • Seller: Eric J. Chinburg - Chinburg Properties
  • Brokers: Biria St. John, Brian Bowler, John McLaughlin & Simon Butler - CBRE

CBRE facilitated this transaction, representing seller Chinburg Properties in the sale of Ellis Factory Lofts to buyer SMC Management, marking a significant deal within the Haverhill market.

Players

Simon Butler
CBRE
Simon Butler
33 deals$2.5B volume
BROKER
Biria St. John
CBRE
Biria St. John
32 deals$2.5B volume
BROKER
John McLaughlin
CBRE
John McLaughlin
27 deals$2.3B volume
BROKER
Brian Bowler
CBRE
Brian Bowler
11 deals$1.1B volume(617) 912-6998
BROKER

Details

SOLD
IMAGE: Biria St. John, Brian Bowler, John McLaughlin & Simon Butler DATE: 11/22/2024 ADDRESS: 24 Essex Street MARKET: Haverhill, MA ASSET TYPE: Multifamily BUYER: SMC Management. SELLER: Eric J. Chinburg - Chinburg Properties BROKERS: Biria St. John, Brian Bowler, John McLaughlin & Simon Butler - CBRE (@CBRE) SALE PRICE: $13,700,000 UNITS: 59 ~ PPU: $232,203 NOTE: CBRE facilitated the $13.7M sale of Ellis Factory Lofts, a 59-unit Class A apartment building in Haverhill, MA, representing seller Chinburg Properties and securing buyer SMC Management.

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

$730,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$48,673.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$64,944.99
Annual Debt Service$779,339.87