Updated Dec 4, 2024
Ocean City Multifamily Property Sold For $1.16M With Buyer's Rep Nicholas Deckard & Seller's Rep John McCann
648 Asbury Avenue & 650 Asbury Avenue
$1,162,500
Building Size
—
Asset Type
MultiFamily
Closing
Nov 17, 2023
About this deal
AI
A multifamily property located at 648-650 Asbury Avenue in Ocean City has been sold for $1,162,500. The transaction was facilitated by buyer's representative Nicholas Deckard from EXP Realty and seller's representative John McCann from C.A. McCann & Sons & Inc.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,162,500
- Date: 11/17/2023
- Address: 648-650 Asbury Avenue, Ocean City
- Market: Ocean City
- Buyer's Representative: Nicholas Deckard - EXP Realty
- Seller's Representative: John McCann - C.A. McCann & Sons & Inc
The sale of this multifamily property adds to the real estate activity in the Ocean City market.
Players
Ocean 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
13.65%
Cash-on-Cash
-3.90%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93