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Michelle Joslin Chaves Sells Multifamily In Somerville, MA For $1.6M

Property Image
SOLD
$1,600,000

Massachusetts

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MultiFamily3,811 SF
Sold 06/04/2024
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Property Image
SOLD

Michelle Joslin Chaves Sells Multifamily In Somerville, MA For $1.6M

7 Richdale Avenue

See Similar Deals
MultiFamily3,811 SF
Sold 06/04/2024
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$419
Total Square Footage:3,811 SF
Transaction Type:Sale

Located at 7 Richdale Avenue in Somerville, MA, the multifamily property consists of 3 units spanning 3,811 square feet. The property was sold for $1,600,000, equating to a price per unit of $533,333 and a price per square foot of $420. The area offers easy access to the new Gilman Square Green Line stop, Union Square, and Assembly Row.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,600,000
  • Units: 3
  • Price Per Unit: $533,333
  • Square Footage: 3,811
  • Price Per Square Foot: $420
  • Address: 7 Richdale Avenue, Somerville, MA
  • Market: Somerville, MA

Representing the transaction as the broker was Michelle Joslin Chaves from Leading Edge Real Estate. Michelle facilitated the sale of the multifamily property at 7 Richdale Avenue, providing valuable insights and expertise throughout the deal.

Players

Michelle Joslin Chaves
1 deal$1.6M volume(781) 760-7865
BROKER

Details

SOLD
IMAGE: Michelle Joslin Chaves DATE: 06/04/2024 ADDRESS: 7 Richdale Avenue MARKET: Somerville, MA ASSET TYPE: Multifamily BROKER: Michelle Joslin Chaves (@MichelleSellsMore) - Leading Edge Real Estate (@LeadingEdgeRE) SALE PRICE: $1,600,000 UNITS: 3 ~ PPU: $533,333 SF: 3,811 ~ PPSF: $420 NOTE: 7 Richdale Ave in Somerville, MA, sold for $1,600,000, offering an ideal location for commuters with the new Gilman Square Green Line stop nearby and easy access to Union Square and Assembly Row.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$85,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$5,684.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,584.82
Annual Debt Service$91,017.80