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Burton Wilkins & Peter Madden Sell Ocean City Multifamily Property For $1.42M
SOLD
$1,425,000
New Jersey
See Similar DealsMultiFamily
Sold 07/01/2024
SOLD
Burton Wilkins & Peter Madden Sell Ocean City Multifamily Property For $1.42M
12 Garfield Place & 14 Garfield Place
See Similar DealsMultiFamily
Sold 07/01/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
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:
- Property Type: Multifamily
- Transaction Amount: $1,425,000
- Address: 12-14 Garfield Place
- Market: Ocean City
- Brokers: Burton Wilkins & Peter Madden - Goldcoast Sotheby's International Realty
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$76,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,062.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,755.23
Annual Debt Service$81,062.72
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