Charlotte Rentals Acquires Mixed-Use Property At 241 Norris Drive In Rochester For $762,500
241 Norris Drive
$762,500
$163/SF
Building Size
4,652 SF
Asset Type
Mixed-use
Closing
Oct 17, 2024
About this deal
AI
A mixed-use property located at 241 Norris Drive in Rochester, NY, has been sold for $762,500. The asset consists of 5 units with a total square footage of 4,652 and a price per unit of $152,500. The price per square foot for the property is $163.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $762,500
- Buyer: Charlotte Rentals - Joshua Carris
- Seller: Jettison Group - Chris Jettison
- Broker: Evan Schaefer - Benchmark Realty Advisors
- Units: 5
- Square Footage: 4,652
- Price Per Unit: $152,500
- Price Per Square Foot: $163
Evan Schaefer from Benchmark Realty Advisors represented the seller in this transaction. The ongoing demand for multifamily and mixed-use properties in the Rochester market has remained robust, indicating a resilient market environment despite fluctuating interest rates.
Players
Rochester Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
20.80%
Cash-on-Cash
-5.95%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93