Updated Dec 4, 2024
Marc Tropp Of Eastern Union Secures $13.3M Financing For Self Storage Facility In Worcester MA
80 Barber Avenue
$13,297,000
$105/SF
Building Size
126,260 SF
Asset Type
Self Storage
Closing
Jul 24, 2024
About this deal
AI
The property involved in this transaction is a climate-controlled self-storage facility located at 80 Barber Avenue, Worcester, MA. It consists of 931 units and spans a total of 126,260 square feet. The sale price of the facility was $13,297,000, equating to a price per unit of $14,282 and a price per square foot of $105.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $13,297,000
- Units: 931
- Square Footage: 126,260 SF
- Price Per Unit: $14,282
- Price Per Square Foot: $105
- Date of Transaction: 07/24/2024
- Broker: Marc Tropp - Eastern Union
Marc Tropp of Eastern Union was instrumental in facilitating this deal by securing $13.3 million in financing. The self-storage facility is managed by CubeSmart and includes various security features and onsite amenities. The deal succeeded despite challenges posed by previous delays from the original lender.
On the Map
$13,297,000
$105/SF
Self Storage
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Worcester Self Storage Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.19%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93