Updated Sep 5, 2024
Keller Williams Realty Acquires Multifamily Property In Ocean City For $1.45M
122 Ocean Road, Ocean City, New Jersey 08226, United States
$1,450,000
$321/SF
Building Size
4,510 SF
Asset Type
MultiFamily
Closing
May 25, 2022
About this deal
AI
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.
Players
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
10.94%
Cash-on-Cash
-3.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93