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Private Investor Acquires Kings Plaza Retail Center In New Bedford For $14.2 Million
SOLD
$14,200,000
Massachusetts
See Similar DealsRetail168,000 SF
Sold 09/20/2024
SOLD
Private Investor Acquires Kings Plaza Retail Center In New Bedford For $14.2 Million
1024 Kings Highway
See Similar DealsRetail168,000 SF
Sold 09/20/2024
Summary
MASSACHUSETTS
Asset Type:Retail
Price Per Square Foot:$84
Total Square Footage:168,000 SF
Transaction Type:Sale
A retail property located at 1024 Kings Highway in New Bedford, MA, was sold for $14,200,000. The asset encompasses 168,000 square feet, resulting in a price per square foot of $85.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $14,200,000
- Address: 1024 Kings Highway
- Market: New Bedford, MA
- Square Footage: 168,000
- Price per Square Foot: $85
The transaction was brokered by Jordana Rice Roet and Nat Heald from CBRE. The deal was notable for the strong retail demand and the impact of falling debt costs, which contributed to the high pricing.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$757,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$50,449.62
Cash-on-Cash Return-1.27%
Monthly Debt Service$67,315.24
Annual Debt Service$807,782.93
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