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Mark Grimes & Hugh Merkle Close $2M Land Deal In Stone Harbor
SOLD
$2,000,000
New Jersey
See Similar DealsLand
Sold 06/03/2024
SOLD
Mark Grimes & Hugh Merkle Close $2M Land Deal In Stone Harbor
14 2nd Drive
See Similar DealsLand
Sold 06/03/2024
Summary
NEW JERSEY
Asset Type:Land
Transaction Type:Sale
14 2nd Drive, a bay front lot in Stone Harbor Manor, was sold for $2,000,000 in a recent transaction. Mark Grimes of Berkshire Hathaway HomeServices Fox & Roach represented the buyer, while Hugh Merkle of Compass represented the seller.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $2,000,000
- Address: 14 2nd Drive
- Market: Stone Harbor
- Buyer's Rep: Mark Grimes - Berkshire Hathaway HomeServices Fox & Roach
- Seller's Rep: Hugh Merkle - Compass
Mark Grimes from Berkshire Hathaway HomeServices Fox & Roach acted as the buyer's representative, while Hugh Merkle of Compass represented the seller in the sale of the bay front lot at 14 2nd Drive, Stone Harbor Manor.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$106,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$7,105.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,481.02
Annual Debt Service$113,772.24
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