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1615 Crossover Drive

Wickenden Partners Acquires 74-Unit Multifamily In Lincolnton For $8.3M
SOLDMultiFamily

Wickenden Partners Acquires 74-Unit Multifamily In Lincolnton For $8.3M

1615 Crossover Drive

$8,300,000

$138/SF

Building Size

60,062 SF

Asset Type

MultiFamily

Closing

Feb 16, 2023

AI

The multifamily property located at 1615 Crossover Drive in Lincolnton has been sold. The property consists of 74 units, with a price per unit of $112,162. The total square footage is 60,062, with a price per square foot of $138. The sale price for the property was $8,300,000.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $8,300,000
  • Units: 74
  • Price Per Unit: $112,162
  • Square Footage: 60,062
  • Price Per Square Foot: $138

The buyer of the property was Wickenden Partners, while the seller was The Garrison Family Of Lincolnton.

Players

Wickenden Partners
Wickenden PartnersBuyer

Market 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

1.91%

Cash-on-Cash

-0.55%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93