Updated Jan 27, 2025
ShoreLight Real Estate Acquires Shore Drive Apartments Multifamily In Winthrop For $10.75M
91 Veterans Road
$10,750,000
Units
27
Asset Type
MultiFamily
Closing
Jan 24, 2025
About this deal
AI
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.
Players
Winthrop 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
1.48%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93