Spire Investments Acquires Multifamily Property In Beverly, MA For $2.5M
SOLD
$2,500,000
Massachusetts
See Similar DealsMultiFamily7,458 SF
Sold 11/29/2021
SOLD
Spire Investments Acquires Multifamily Property In Beverly, MA For $2.5M
24 Washington Street, Beverly, Massachusetts, USA
See Similar DealsMultiFamily7,458 SF
Sold 11/29/2021
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$335
Total Square Footage:7,458 SF
Transaction Type:Sale
A multifamily property located at 24 Washington Street and 29 Washington Street in Beverly, MA has been sold for $2,500,000. The property consists of 10 units with a price per unit of $250,000. The total square footage is 7,458 with a price per square foot of $335.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,500,000
- Address: 24 Washington Street & 29 Washington Street, Beverly, MA
- Market: Beverly, MA
- Units: 10
- Price per Unit: $250,000
- Total Square Footage: 7,458
- Price per Square Foot: $335
The buyer, Spire Investments, acquired the property. The transaction was facilitated by Stephen Girolamo from Horvath & Tremblay as the broker representing the buyer.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$8,881.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,851.28
Annual Debt Service$142,215.31
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