Updated Sep 9, 2024
Derek Santini Acquires MultiFamily Property In Somerville, MA From Joan Grimes For $2.5M
305-307 Medford Street
$2,475,000
$328/SF
Building Size
7,530 SF
Asset Type
MultiFamily
Closing
Mar 16, 2023
About this deal
AI
The multi-family property located at 305-307 Medford Street in Somerville, MA has been sold in a closed transaction. The property consists of 6 units with a total square footage of 7,530. The sale price for the property was $2,475,000, resulting in a price per unit of $412,500 and a price per square foot of $329.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $2,475,000
- Units: 6
- Price per Unit: $412,500
- Square Footage: 7,530
- Price per Square Foot: $329
- Market: Somerville, MA
The buyer of the property was Derek Santini, while the seller was Joan Grimes. The deal was facilitated by brokers Dennis Kelleher and John Pentore from Horvath & Tremblay.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.41%
Cash-on-Cash
-1.83%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93