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Gambrel-Style Multifamily Home Sold In Somerville, MA For $1.8M

Property Image
SOLD
$1,800,000

Massachusetts

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MultiFamily3,252 SF
Sold 06/25/2024
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Property Image
SOLD

Gambrel-Style Multifamily Home Sold In Somerville, MA For $1.8M

7 Simpson Avenue

See Similar Deals
MultiFamily3,252 SF
Sold 06/25/2024
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$553
Total Square Footage:3,252 SF
Transaction Type:Sale

A gambrel-style two-family home at 7 Simpson Avenue in Somerville, MA, was sold for $1.8 million. The property spans 3,252 square feet and was purchased for $900,000 per unit, with a price per square foot of $554. Situated across from a scenic park near Davis Square, this property offers a charming living space in a desirable location.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,800,000
  • Units: 2
  • Square Footage: 3,252
  • Price per Unit: $900,000
  • Price per Square Foot: $554
  • Address: 7 Simpson Avenue, Somerville, MA
  • Market: Somerville, MA

The buyer's representative for this transaction was Adrian Cheng from Move2boston Group, while the seller's representative was Mike Cohen from Compass. Both agents played integral roles in facilitating the sale of this two-family home, ensuring a smooth and successful transaction for their respective clients.

Players

Mike Cohen
12 deals$128.1M volume
BROKER

Details

SOLD
IMAGE: Mike Cohen DATE: 06/25/2024 ADDRESS: 7 Simpson Avenue MARKET: Somerville, MA ASSET TYPE: Multifamily BUYER'S REP: Adrian Cheng - Move2boston Group SELLER'S REP: Mike Cohen (@TheMikeCohen) - Compass (@Compass) SALE PRICE: $1,800,000 UNITS: 2 ~ PPU: $900,000 SF: 3,252 ~ PPSF: $554 NOTE: A gambrel-style two-family home at 7 Simpson Avenue in Somerville, MA, sold for $1.8 million, situated across from a scenic park near Davis Square.

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

$96,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,395.02
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,532.92
Annual Debt Service$102,395.02