Qiong Jiang Acquires Multifamily Property In Cambridge From Lesley University
SOLD
$6,250,000
+ 4
Massachusetts
See Similar DealsMultiFamily14,465 SF
Sold 05/20/2024
SOLD
Qiong Jiang Acquires Multifamily Property In Cambridge From Lesley University
3 Phillips Place
See Similar DealsMultiFamily14,465 SF
Sold 05/20/2024
+ 4
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$432
Total Square Footage:14,465 SF
Transaction Type:Sale
The multifamily asset located at 3 Phillips Place in Cambridge, MA, was successfully sold for a total price of $6,250,000. Boasting a total square footage of 14,465, the property was acquired by Qiong Jiang from the seller, Lesley University.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,250,000
- SF: 14,465
- PPSF: $432
- Address: 3 Phillips Place
- Market: Cambridge, MA
The sale of this multifamily asset was facilitated by the seller's representatives, Christopher Sower, Bruce Lusa, John Flaherty, Jonathan Bryant, Kevin Jones, Julie Regan, and Mary VanNatta, who are part of Cushman & Wakefield
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$22,204.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,628.19
Annual Debt Service$355,538.26
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