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6-8 Mortimer Place, Somervi...

Chad Myers & Simon Gray Sell Multifamily Property In Somerville, MA For $1.1M
SOLDMultiFamily

Chad Myers & Simon Gray Sell Multifamily Property In Somerville, MA For $1.1M

6-8 Mortimer Place, Somerville, MA, USA

$1,100,000

$386/SF

Building Size

2,850 SF

Asset Type

MultiFamily

Closing

Feb 7, 2021

AI

The multifamily property located at 6-8 Mortimer Place in Somerville, MA has been sold for a price of $1,100,000. The property spans a total area of 2,850 square feet, resulting in a price per square foot of $386. The transaction involved the sale of three units, with each unit valuing at approximately $366,667.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,100,000
  • Address: 6-8 Mortimer Place, Somerville, MA
  • Market: Somerville, MA
  • Property Size: 2,850 square feet
  • Price per Square Foot: $386
  • Number of Units: 3
  • Price per Unit: $366,667

The seller of the property was represented by Chad Myers from Mr. Chaddles’ Real Estate, while the buyer was represented by Simon Gray from Coldwell Banker Realty - Belmont.

Players

Simon Gray

Broker

$3.1M

vol

2 deals

Broker

Somerville 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

14.42%

Cash-on-Cash

-4.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93