Ermani Properties Acquires 30-Unit Multifamily Complex In Worcester For $6.3M
31 Caroline Street
$6,300,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 15, 2023
AI
Ermani Properties of Worcester has acquired a 30-unit market-rate apartment complex located at 31 Caroline Street in Worcester for a total price of $6.3 million. The property features 30 units with an average price per unit of $210,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,300,000
- Address: 31 Caroline Street, Worcester, MA
- Buyer: Michael Ermani - Ermani Properties
- Seller: 31 Caroline Street, LLC
- Buyer's Representative: James Kalogeropoulos - Remax
- Seller's Representatives: David Eldredge & Tim Whittredge - NAI Capital
The buyer, Michael Ermani of Ermani Properties, acquired the 30-unit apartment complex with the assistance of James Kalogeropoulos from Remax acting as the buyer's representative. The seller, 31 Caroline Street, LLC, was represented by David Eldredge and Tim Whittredge of NAI Capital. This transaction marks an important investment for Ermani Properties in the Worcester market.
Players
Worcester 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
2.52%
Cash-on-Cash
-0.72%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93