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
Summit MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
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