VennPoint Real Estate Acquires Multifamily Property In Royal Oak, MI For $29.1M
SOLD
$29,100,000
Michigan
See Similar DealsMultiFamily
Sold 09/20/2022
SOLD
VennPoint Real Estate Acquires Multifamily Property In Royal Oak, MI For $29.1M
1210 Morse Avenue, Royal Oak, Michigan 48067, United States
See Similar DealsMultiFamily
Sold 09/20/2022
Summary
MICHIGAN
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 1210 Morse Ave in Royal Oak, MI has been sold. The transaction took place on September 20, 2022.
Summary of transaction details:
- Property Type: Multifamily
- Sale Price: $29,100,000
- Units: 75
- Price Per Unit (PPU): $388,000
- Buyer: VennPoint Real Estate
VennPoint Real Estate acquired the property for a total of $29,100,000. The multifamily asset consists of 75 units with a price per unit of $388,000. The transaction took place in Royal Oak, MI.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,552,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$103,386.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$137,948.85
Annual Debt Service$1,655,386.15
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