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Kayla Noll Of Compass Represents Buyer In Sale Of Ocean City Multifamily For $5.185M

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SOLD
$5,185,000

New Jersey

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MultiFamily
Sold 09/05/2024
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Property Image
SOLD

Kayla Noll Of Compass Represents Buyer In Sale Of Ocean City Multifamily For $5.185M

3232 Wesley Avenue

See Similar Deals
MultiFamily
Sold 09/05/2024
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily property located at 3232-3234 Wesley Avenue in Ocean City features nine bedrooms and six bathrooms, encompassing a total of 4,600 square feet. The asset sold for $5,185,000, highlighting its potential for both residential use and rental investment. The property offers expansive decks and panoramic views of the ocean, enhancing its appeal in the market.

Summary of transaction details:

The transaction involved Kayla Noll from Compass representing the buyer, while Christopher Monihan and Lindsay Monihan from Monihan Realty represented the seller, facilitating the sale of this beachfront duplex in a desirable location.

Players

Christopher Monihan
5 deals$18.4M volume
BROKER

Lindsay Monihan
Monihan Realty
1 deal$5.2M volume(646) 872-1520
BROKER

Kayla Noll
Compass
1 deal$5.2M volume(732) 735-1918
BROKER

Details

SOLD
IMAGE: Kayla Noll, Christopher Monihan & Lindsay Monihan DATE: 09/05/2024 ADDRESS: 3232-3234 Wesley Avenue MARKET: Ocean City ASSET TYPE: Multifamily BUYER'S REP: Kayla Noll (@KaylaNollrealtor) - Compass (@Compass) SELLER'S REP: Christopher Monihan (@ChrisMonihanoc) & Lindsay Monihan - Monihan Realty (@MonihanRealty) SALE PRICE: $5,185,000 NOTE: The beachfront duplex at 3232-3234 Wesley Avenue in Ocean City sold for $5.185 million, with Compass’s Kayla Noll representing the buyer and Monihan Realty’s Christopher and Lindsay Monihan representing the seller. The 4,600-square-foot property features nine bedrooms, six bathrooms, and expansive decks, offering panoramic ocean views and versatile use options, from large family home to rental investment.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$276,533.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,421.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,579.55
Annual Debt Service$294,954.54