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Chinburg Development LLC Acquires Office In Portsmouth, NH For $5.45M

Property Image
SOLD
$5,450,000

New Hampshire

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Office24,237 SF
Sold 05/29/2024
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Property Image
SOLD

Chinburg Development LLC Acquires Office In Portsmouth, NH For $5.45M

40 Pleasant Street

See Similar Deals
Office24,237 SF
Sold 05/29/2024
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Summary

NEW HAMPSHIRE
Asset Type:Office
Price Per Square Foot:$224
Total Square Footage:24,237 SF
Transaction Type:Sale

Located at 40 Pleasant Street in Portsmouth, NH, the office property spanning 24,237 square feet was sold for $5,450,000. The transaction involved Chinburg Development LLC as the buyer and Allison Street Holdings, LLC as the seller. The deal was brokered by Kent White and Caitlin Burke from The Boulos Company.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $5,450,000
  • Address: 40 Pleasant Street
  • Market: Portsmouth, NH
  • Square Footage: 24,237
  • Buyer: Chinburg Development LLC
  • Seller: Allison Street Holdings, LLC
  • Brokers: Kent White & Caitlin Burke - The Boulos Company
  • Price per Square Foot: $225

Facilitated by Kent White and Caitlin Burke of The Boulos Company, the sale of 40 Pleasant Street in Portsmouth, NH, for $5,450,000 was completed between Chinburg Development LLC and Allison Street Holdings, LLC. The transaction showcased the expertise and collaborative effort of the brokers in bringing the deal to fruition.

Players

Kent White
3 deals$8.1M volume(603) 570-2699
BROKER

Caitlin Burke
The Boulos Company
3 deals$8.1M volume(603) 570-2680
BROKER

Details

SOLD
IMAGE: 05/29/2024 ADDRESS: 40 Pleasant Street MARKET: Portsmouth, NH ASSET TYPE: Office ~ SF: 24,237 BUYER: Chinburg Development LLC SELLER: Allison Street Holdings, LLC BROKERS: Kent White & Caitlin Burke - The Boulos Company SALE PRICE: $5,450,000 SF: 24,237 ~ PPSF: $225 NOTE: Chinburg Development LLC acquired 40 Pleasant Street in Portsmouth, NH, from Allison Street Holdings, LLC, for $5,450,000, facilitated by Kent White and Caitlin Burke of The Boulos Company.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$290,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,362.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,835.78
Annual Debt Service$310,029.37