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12 Garfield Place

Burton Wilkins & Peter Madden Sell Ocean City Multifamily Property For $1.42M
SOLDMultiFamily

Burton Wilkins & Peter Madden Sell Ocean City Multifamily Property For $1.42M

12 Garfield Place & 14 Garfield Place

$1,425,000

Building Size

Asset Type

MultiFamily

Closing

Jul 1, 2024

AI

The multifamily property at 12-14 Garfield Place in Ocean City was sold for $1,425,000. This transaction was facilitated by Burton Wilkins and Peter Madden of Goldcoast Sotheby's International Realty.

Summary of transaction details:

Peter Madden and Burton Wilkins, representing Goldcoast Sotheby's International Realty, were instrumental in the successful sale of the multifamily property. Their expertise and efforts led to the completion of the transaction at 12-14 Garfield Place in Ocean City.

Players

Burton Wilkins

Sotheby's International Realty

Broker

$10.9M

vol

3 deals

Broker

Ocean City MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

11.13%

Cash-on-Cash

-3.18%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93