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Eaststar Trust LLC Acquires 29-Unit MultiFamily Asset From Eastbank Lofts LLC For $6.9M In Rochester MN
SOLD
$6,900,000
Minnesota
See Similar DealsMultiFamily
Sold 01/13/2025
SOLD
Eaststar Trust LLC Acquires 29-Unit MultiFamily Asset From Eastbank Lofts LLC For $6.9M In Rochester MN
123 6th Avenue Southeast
See Similar DealsMultiFamily
Sold 01/13/2025
Summary
MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale
The transaction involved the sale of a 29-unit multi-family property located at 123 6th Avenue Southeast in Rochester, MN. The asset, built in 2017, was sold for $6,900,000, which equates to a price per unit of $237,931. The property offers one- and two-bedroom apartments and includes amenities such as a fitness center, bike storage, and rooftop terraces.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $6,900,000
- Units: 29
- Price Per Unit: $237,931
- Buyer: Eaststar Trust LLC
- Seller: Eastbank Lofts LLC
- Brokers: Keith Collins & Ted Abramson - CBRE
CBRE facilitated the transaction, showcasing their role in connecting the buyer and seller. The brokerage was instrumental in managing the complexities of the sale, ensuring a smooth process for both Eaststar Trust LLC and Eastbank Lofts LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$367,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$24,514.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$32,709.52
Annual Debt Service$392,514.24
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