Updated Dec 4, 2024
Lorie Rice Of BHHS Fox & Roach Represents Buyer In $1.126M Ocean City Multifamily Sale
126 Ocean Avenue
$1,126,000
Units
2
Asset Type
MultiFamily
Closing
Jul 29, 2024
About this deal
AI
A duplex cottage located at 126 Ocean Avenue in Ocean City has been sold for $1.126 million. The asset consists of two 2-bedroom, 1-bath units, features a 2-car garage, and is situated on a 4,050-square-foot lot, offering potential for renovation or new construction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,126,000
- Units: 2
- Price Per Unit: $563,000
- Buyer's Representative: Lorie Rice - BHHS Fox & Roach
- Seller's Representative: Ken Cooper - Monihan Realty
The transaction was facilitated by Lorie Rice, representing the buyer, and Ken Cooper, representing the seller, highlighting the involvement of experienced agents from established agencies in this multifamily property deal.
On the Map
$1,126,000
MultiFamily
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Ocean City MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
14.09%
Cash-on-Cash
-4.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93