Qianlong Property Management Acquires 60-Unit Multifamily In Cambridge, MA For $30.2M
SOLD
$30,200,000
+ 1
Massachusetts
See Similar DealsMultiFamily49,080 SF
Sold 11/30/2021
SOLD
Qianlong Property Management Acquires 60-Unit Multifamily In Cambridge, MA For $30.2M
375 Harvard Street, Cambridge, Massachusetts, USA
See Similar DealsMultiFamily49,080 SF
Sold 11/30/2021
+ 1
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$615
Total Square Footage:49,080 SF
Transaction Type:Sale
The multifamily property located at 375 Harvard Street in Cambridge, MA has been sold for a total of $30,200,000. The property consists of 60 units, with an average price per unit of $503,333. The total square footage of the property is 49,080, with an average price per square foot of $615.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $30,200,000
- Units: 60
- Price Per Unit: $503,333
- Square Footage: 49,080
- Price Per Square Foot: $615
The buyer of the property is Qianlong Property Management, while the seller is Audobon Road Associates CCSPE LLC. The deal was facilitated by Kevin Benzinger, Jason Weissman, Andrew Herald, and Nick Herz from Boston Realty Advisors.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,610,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$107,294.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$143,163.41
Annual Debt Service$1,717,960.89
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