Keller Williams Realty Acquires Multifamily Property In Ocean City For $1.45M
SOLD
$1,450,000
New Jersey
See Similar DealsMultiFamily4,510 SF
Sold 05/26/2022
SOLD
Keller Williams Realty Acquires Multifamily Property In Ocean City For $1.45M
122 Ocean Road, Ocean City, New Jersey 08226, United States
See Similar DealsMultiFamily4,510 SF
Sold 05/26/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$321
Total Square Footage:4,510 SF
Transaction Type:Sale
A multifamily property located at 122 Ocean Rd in Ocean City has been sold for a price of $1,450,000. The property consists of 2 units, with each unit having a price per unit of $725,000. The sale was facilitated by Francis Davish from Keller Williams Realty Jersey, who represented the buyer, and Joan Farrell from Monihan Realty, who represented the seller.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,450,000
- Address: 122 Ocean Rd
- Market: Ocean City
- Units: 2
- Price per Unit: $725,000
Francis Davish from Keller Williams Realty Jersey acted as the buyer's representative in this transaction, while Joan Farrell from Monihan Realty represented the seller. The sale of this multifamily property demonstrates the strong demand and investment opportunities in the Ocean City market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$77,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,151.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,873.74
Annual Debt Service$82,484.88
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