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Jeff Quintin & Mark Grimes Facilitate $1.15M Multifamily Sale In Ocean City

Property Image
SOLD
$1,150,000
Mark Grimes
Jeff Quintin

New Jersey

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MultiFamily
Sold 05/30/2024
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Property Image
SOLD

Jeff Quintin & Mark Grimes Facilitate $1.15M Multifamily Sale In Ocean City

4952-54 West Avenue

See Similar Deals
MultiFamily
Sold 05/30/2024
Mark Grimes
Jeff Quintin
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

The sale involved a multifamily property located at 4952-54 West Avenue in Ocean City. The duplex was sold for $1,150,000 and comprises two units, each with 3 bedrooms, 2 full bathrooms, covered front porches, and parking facilities. The property offers the opportunity for rehabilitation or new construction and is situated in a sought-after location near the beach and the bay.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,150,000
  • Units: 2
  • Price per Unit: $575,000
  • Address: 4952-54 West Avenue
  • Market: Ocean City

Jeff Quintin of Keller Williams represented the buyer in the transaction, while Mark Grimes of Berkshire Hathaway HomeServices Fox & Roach represented the seller. The deal was successfully completed on 05/30/2024.

Players

Mark Grimes
Berkshire Hathaway HomeServices
Mark Grimes
3 deals$4.3M volume
BROKER
Jeff Quintin
Keller Williams Realty
Jeff Quintin
1 deal$1.2M volume(609) 736-4737
BROKER

Details

SOLD
IMAGE: Jeff Quintin & Mark Grimes DATE: 05/30/2024 ADDRESS: 4952-54 West Avenue MARKET: Ocean City ASSET TYPE: Multifamily BUYER'S REP: Jeff Quintin (@JeffQuintin) - Keller Williams (@KellerWilliamsRealty) SELLER'S REP: Mark Grimes (@MarkGrimes_ocnj) - Berkshire Hathaway HomeServices Fox & Roach (@BHHS_FoxRoach) SALE PRICE: $1,150,000 UNITS: 2 ~ PPU: $575,000 NOTE: Jeff Quintin of Keller Williams represented the buyer, while Mark Grimes of Berkshire Hathaway HomeServices Fox & Roach represented the seller in the sale of a duplex located at 4952-54 West Avenue in Ocean City for $1,150,000. The property consists of two units, each featuring 3 bedrooms, 2 full bathrooms, covered front porches, and parking, offering the potential for rehabilitation or new construction in a desirable location close to the beach and the bay.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,085.72
Cash-on-Cash Return-1.27%
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