Updated Dec 4, 2024
Gavin Hodgson Of Island Realty Represents Buyer In Sale Of Surf City Multifamily For $1.35M
43 North 9th Street
$1,350,000
$740/SF
Building Size
1,824 SF
Asset Type
MultiFamily
Closing
Sep 16, 2024
About this deal
AI
The ocean block duplex at 43 North 9th Street in Surf City sold for $1,350,000, totaling 1,824 square feet with a price per square foot of $740. The property offers versatile options including renting both units, using one for personal enjoyment, converting to condominiums, or building a new beach house, and is located just seven houses from the beach.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,350,000
- Address: 43 North 9th Street
- Market: Surf City
- Square Footage: 1,824
- Price Per Square Foot: $740
- Buyer's Representative: Gavin Hodgson - Island Realty
- Seller's Representative: Patricia Sepanak - Sand Dollar Real Estate
The transaction involved Gavin Hodgson representing the buyer through Island Realty and Patricia Sepanak representing the seller from Sand Dollar Real Estate, facilitating the closing of this multifamily asset.
Players
Surf City 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
11.75%
Cash-on-Cash
-3.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93