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Lorie Rice Of BHHS Fox & Roach Represents Buyer In $1.126M Ocean City Multifamily Sale
SOLD
$1,126,000
New Jersey
See Similar DealsMultiFamily
Sold 07/29/2024
SOLD
Lorie Rice Of BHHS Fox & Roach Represents Buyer In $1.126M Ocean City Multifamily Sale
126 Ocean Avenue
See Similar DealsMultiFamily
Sold 07/29/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$60,053.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$4,000.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,337.81
Annual Debt Service$64,053.77
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