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43 North 9th Street

Updated Dec 4, 2024

Gavin Hodgson Of Island Realty Represents Buyer In Sale Of Surf City Multifamily For $1.35M
SOLDMultiFamily

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:

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

Patricia Sepanak

Sand Dollar Real Estate

Broker

$1.4M

vol

1 deal

Broker

Surf City MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $740 per square foot on a published $1.4M for 1,824 square feet (2024).

Visit Island Realty to view all their deals.

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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

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