Long & Foster Real Estate Inc Acquires Ocean City Multifamily For $1.175M
SOLD
$1,175,000
New Jersey
See Similar DealsMultiFamily2,600 SF
Sold 02/26/2021
SOLD
Long & Foster Real Estate Inc Acquires Ocean City Multifamily For $1.175M
5356 Asbury Avenue, Ocean City, NJ, USA
See Similar DealsMultiFamily2,600 SF
Sold 02/26/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$451
Total Square Footage:2,600 SF
Transaction Type:Sale
5356-58 Asbury Ave in Ocean City has been sold for $1,175,000 on February 26, 2021. This multifamily property consists of 2 units, with a price per unit of $587,500.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,175,000
- Date: 02/26/2021
- Address: 5356-58 Asbury Ave, Ocean City
- Market: Ocean City
The buyer's representative in this transaction was Kevin Redmond from Long & Foster Real Estate Inc, while the seller's representative was Mark Grimes from Berkshire Hathaway Fox & Roach.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$62,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$4,174.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,570.10
Annual Debt Service$66,841.19
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