Chris Clemans Sotheby's International Realtors Acquires Multifamily Property In Cape May For $1.68M
SOLD
$1,675,000
New Jersey
See Similar DealsMultiFamily7,458 SF
Sold 04/30/2021
SOLD
Chris Clemans Sotheby's International Realtors Acquires Multifamily Property In Cape May For $1.68M
640 Hughes St, Cape May, NJ, USA
See Similar DealsMultiFamily7,458 SF
Sold 04/30/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$224
Total Square Footage:7,458 SF
Transaction Type:Sale
The multifamily property located at 640 Hughes St in Cape May, NJ was recently sold for a price of $1,675,000. The property consists of 4 units, making the price per unit $418,750. The transaction took place on April 30, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,675,000
- Address: 640 Hughes St, Cape May, NJ
- Units: 4
- Price per Unit: $418,750
Representing the buyer in this transaction was Christina Clemans from Chris Clemans Sotheby's International Realtors. On the seller's side, Brian Groetsch Jr. and Christine Rothwell from RE/MAX SurfSide acted as the representatives.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$89,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,950.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,940.35
Annual Debt Service$95,284.25
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