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ShoreLight Real Estate Acquires Shore Drive Apartments Multifamily In Winthrop For $10.75M
SOLD
$10,750,000
Massachusetts
See Similar DealsMultiFamily
Sold 01/24/2025
SOLD
ShoreLight Real Estate Acquires Shore Drive Apartments Multifamily In Winthrop For $10.75M
91 Veterans Road
See Similar DealsMultiFamily
Sold 01/24/2025
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale
The property involved in this transaction is a multifamily asset located at 91 Veterans Road, Winthrop, MA. It was sold for a price of $10,750,000. The asset consists of 27 units, with a price per unit of $398,148.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,750,000
- Units: 27
- Price Per Unit: $398,148
- Buyer: ShoreLight Real Estate
- Brokers: Evan Griffith, Tony Pepdjonovic & Will Sanborn - Marcus & Millichap
This transaction involved Marcus & Millichap brokering the sale of Shore Drive Apartments, a property initially comprising 71 units that had fire damage. The sale includes approved plans to add 27 additional units, raising the total unit count to 98.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$573,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$38,192.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$50,960.48
Annual Debt Service$611,525.81
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