Updated Dec 4, 2024
Michael Cotraro Of Buckley Realty Group Represents Buyer In Beverly Multifamily Sale For $3.12M
53 Hale Street, 55 Hale Street & 57 Hale Street
$3,120,000
$147/SF
Building Size
7,051 SF
Asset Type
MultiFamily
Closing
Jul 31, 2024
About this deal
AI
The transaction involved three contiguous parcels located at 53-55-57 Hale Street in Beverly, MA, which comprise nine rental units and over 20 parking spaces. The sale price for the multifamily asset was $3,120,000, with a total square footage of 7,051, leading to a price per square foot of $442.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $3,120,000
- Square Footage: 7,051
- Price per Square Foot: $442
- Address: 53-55-57 Hale Street
- Market: Beverly, MA
- Buyer's Representative: Michael Cotraro - Buckley Realty Group
- Seller's Representative: Gary Blattberg - Re/Max
This deal highlights key stakeholders, with Michael Cotraro representing the buyer from Buckley Realty Group and Gary Blattberg representing the seller from Re/Max. The transaction was completed on July 31, 2024, reinforcing the investment's appeal due to its proximity to Dane St Beach and downtown Beverly.
Players
Beverly 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
5.08%
Cash-on-Cash
-1.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93