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Joe Albanese Of Commodore Builders And Bill Cress Of Prospectus LLC Acquire Office In Newton For $23.8M
SOLD
$23,800,000
Massachusetts
See Similar DealsOffice96,000 SF
Sold 04/02/2025
SOLD
Joe Albanese Of Commodore Builders And Bill Cress Of Prospectus LLC Acquire Office In Newton For $23.8M
1210 1230 Washington Street
See Similar DealsOffice96,000 SF
Sold 04/02/2025
Summary
MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$247
Total Square Footage:96,000 SF
Transaction Type:Sale
The asset involved in this transaction is an office building located at 1210-1230 Washington Street in Newton, MA. The property was sold for $23,800,000 and encompasses a total of 96,000 square feet, resulting in a price per square foot of $248.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $23,800,000
- Buyer: Joe Albanese - Commodore Builders
- Buyer: Bill Cress - Prospectus LLC
- Seller: Jon Davis - The Davis Cos.
- Seller: Paul Marcus - Marcus Partners
- Market: Newton, MA
- Square Feet: 96,000
- Price per Square Foot: $248
Commodore Builders, under the leadership of CEO Joe Albanese, and Prospectus LLC's Bill Cress executed the acquisition of the property, which will now serve as the new headquarters for Commodore Builders following this successful purchase.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,269,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$84,556.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$112,824.14
Annual Debt Service$1,353,889.71
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