Gordon Brothers Acquires Andover Research & Development Property For $19.8M
SOLD
$19,800,000
Massachusetts
See Similar DealsOther93,500 SF
Sold
SOLD
Gordon Brothers Acquires Andover Research & Development Property For $19.8M
3 Riverside Drive, Andover, Massachusetts 01810, United States
See Similar DealsOther93,500 SF
Sold
Summary
MASSACHUSETTS
Asset Type:Other
Price Per Square Foot:$211
Total Square Footage:93500 SF
Transaction Type:Sale
Located at 3 Riverside Drive in Andover, MA, this research and development property spans across 7.4 acres. The sale took place on June 29, 2022, and the transaction was captured in a photograph taken by Alyssa Coughlin.
Summary of transaction details
- Property Type: Research & Development
- Transaction Amount: $19,800,000
- Address: 3 Riverside Drive, Andover, MA
- Market: Andover, MA
- Acres: 7.4
The buyer in this sale was Gordon Brothers, represented by Alyssa Coughlin and Ciminelli Real Estate Corporation's Ryan Zebro. The property was sold for a price of $19,800,000. It encompasses a total of 93,500 square feet, resulting in a price per square foot of $212.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,056,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$70,345.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$93,862.10
Annual Debt Service$1,126,345.22
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