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Catapult & Cannon, LLC Acquires Office Property In Lowell, MA For $3.1M

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SOLD
$3,100,000

Massachusetts

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Office18,733 SF
Sold 10/11/2022
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Property Image
SOLD

Catapult & Cannon, LLC Acquires Office Property In Lowell, MA For $3.1M

585 Middlesex Street, Lowell, Massachusetts 01851, United States

See Similar Deals
Office18,733 SF
Sold 10/11/2022
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Summary

MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$165
Total Square Footage:18,733 SF
Transaction Type:Sale

The office property located at 585 Middlesex Street in Lowell, MA has been sold for a total price of $3,100,000. The transaction took place on October 11, 2022, and the property spans a total area of 18,733 square feet. The price per square foot for this sale is approximately $165. The buyer of the property is Catapult & Cannon, LLC, while the seller is Nokode, LLC, represented by Pete Delano. Jeremy Cyrier from Mansard served as the broker in this deal.

Summary of Transaction Details:

  • Property Type: Office
  • Transaction Amount: $3,100,000
  • Address: 585 Middlesex Street, Lowell, MA
  • Market: Lowell, MA
  • Buyer: Catapult & Cannon, LLC
  • Seller: Nokode, LLC - Pete Delano
  • Broker: Jeremy Cyrier - Mansard
  • Property Size: 18,733 square feet
  • Price per Square Foot: $165

This transaction showcases the successful sale of an office property in Lowell, MA. The buyer, Catapult & Cannon, LLC, made the purchase from the seller, Nokode, LLC, represented by Pete Delano. The deal was facilitated by Jeremy Cyrier from Mansard. The sale price of $3,100,000 and the property's size of 18,733 square feet demonstrate the value and potential of this office asset in the Lowell market.

Players

12 deals$45.6M volume
BROKER

Details

SOLD
IMAGE: Pete Delano DATE: 10/11/2022 ADDRESS: 585 Middlesex Street MARKET: Lowell, MA ASSET TYPE: Office BUYER: Catapult & Cannon, LLC SELLER: Nokode, LLC - Pete Delano BROKER: Jeremy Cyrier (@MansardCREAdvisors) - Mansard SALE PRICE: $3,100,000 SF: 18,733 ~ PPSF: $165

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

$165,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,013.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,695.58
Annual Debt Service$176,346.98