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Gregory McCarthy Acquires 129 Portland Street Office Building In Boston For $6.65M
SOLD
$6,650,000
Massachusetts
See Similar DealsOffice30,000 SF
Sold 11/01/2024
SOLD
Gregory McCarthy Acquires 129 Portland Street Office Building In Boston For $6.65M
129 Portland Street
See Similar DealsOffice30,000 SF
Sold 11/01/2024
Summary
MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$221
Total Square Footage:30,000 SF
Transaction Type:Sale
The property asset involved in this transaction is located at 129 Portland Street, Boston, MA. The office building spans approximately 30,000 square feet and was sold for $6,650,000, translating to a price per square foot of $222.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $6,650,000
- Buyer: Gregory McCarthy
- Lender: Everett Cooperative Bank
- Financing Secured: $9,600,000
- Planned Conversion: 25 residential units
The transaction was executed by developer Gregory McCarthy, who is now focused on converting the office space into residential units. The financing provided by Everett Cooperative Bank will facilitate this redevelopment project.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$354,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,626.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,524.39
Annual Debt Service$378,292.71
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