FCP Acquires Multifamily Property In Raleigh, NC For $48M With Buyer's Rep Michael Errichetti & Broker Howard Jenkins
SOLD
$48,000,000
North Carolina
See Similar DealsMultiFamily
Sold 10/06/2022
SOLD
FCP Acquires Multifamily Property In Raleigh, NC For $48M With Buyer's Rep Michael Errichetti & Broker Howard Jenkins
2419 Wycliff Road, Raleigh, North Carolina 27607, United States
See Similar DealsMultiFamily
Sold 10/06/2022
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale
2419 Wycliff Rd in Raleigh, NC has been sold in a closed multifamily transaction. The property consists of 297 units and was sold for a total price of $48,000,000, resulting in an average price per unit of $161,616.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $48,000,000
- Units: 297
- Price per Unit: $161,616
The buyer for this transaction was FCP, represented by Michael Errichetti. Howard Jenkins of CBRE acted as the broker in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,560,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$170,533.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$227,544.49
Annual Debt Service$2,730,533.86
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