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26 Locust Drive

Joni Sweetwood Of Kislak Represents Buyer In $22.15M Multifamily Sale At 26 Locust Drive
SOLDMultiFamily

Joni Sweetwood Of Kislak Represents Buyer In $22.15M Multifamily Sale At 26 Locust Drive

26 Locust Drive

$22,150,000

$886/SF

Building Size

25,000 SF

Asset Type

MultiFamily

Closing

Mar 17, 2025

AI

The asset involved in this transaction is a multifamily property located at 26 Locust Drive in the Summit market. The sale price for this property was $22,150,000, which breaks down to $388,596 per unit with a total of 57 units.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $22,150,000
  • Address: 26 Locust Drive
  • Market: Summit
  • Units: 57
  • Price Per Unit: $388,596
  • Buyer's Representative: Joni Sweetwood - Kislak
  • Seller's Representatives: Robert Holland & Jeff Squires - Kislak

This transaction featured Joni Sweetwood representing the buyer, while Robert Holland and Jeff Squires acted as representatives for the seller, all affiliated with Kislak. Their involvement highlights the collaborative effort in facilitating this real estate transaction.

Players

Jeff Squires

Kislak

Broker

$280.4M

vol

17 deals

Broker

Summit 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

0.72%

Cash-on-Cash

-0.20%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93