Dover Hills Properties LLC Sells Multifamily Asset In Dover For $15.7M
SOLD
$15,700,000
New Jersey
See Similar DealsMultiFamily57,386 SF
Sold 03/01/2021
SOLD
Dover Hills Properties LLC Sells Multifamily Asset In Dover For $15.7M
99-120 1st Street, Dover, NJ, USA
See Similar DealsMultiFamily57,386 SF
Sold 03/01/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$273
Total Square Footage:57,386 SF
Transaction Type:Sale
Debbie Pomerantz & Steve Tragash of Gebroe-Hammer Associates facilitated the sale of a multifamily property located at 99-120 First St. in Dover. The transaction took place on March 1, 2021, and involved Dover Hills Properties LLC as the seller. The property, comprising 100 units, was sold for a total price of $15,700,000, equating to an average price per unit of $157,000.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $15,700,000
- Market: Dover
- Address: 99-120 First St.
This deal was brokered by Debbie Pomerantz & Steve Tragash of Gebroe-Hammer Associates, who represented the seller, Dover Hills Properties LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$837,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,778.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,426.01
Annual Debt Service$893,112.12
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