Wickenden Partners Acquires Multifamily Property In Hickory, NC For $6.25M
SOLD
$6,250,000
North Carolina
See Similar DealsMultiFamily47,300 SF
Sold 05/05/2022
SOLD
Wickenden Partners Acquires Multifamily Property In Hickory, NC For $6.25M
445 11th Avenue Northeast, Hickory, North Carolina 28601, United States
See Similar DealsMultiFamily47,300 SF
Sold 05/05/2022
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$132
Total Square Footage:47,300 SF
Transaction Type:Sale
Located at 445 11th Ave. NE in Hickory, NC, this multifamily property was recently sold in a closed transaction. The property consists of 50 units with a total square footage of 47,300. The sale price was $6,250,000, resulting in a price per unit of $125,000 and a price per square foot of $132.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,250,000
- Units: 50
- Price per Unit: $125,000
- Square Footage: 47,300
- Price per Square Foot: $132
Wickenden Partners, represented by Cyrus Mojdehi and Danny Hirschberg, purchased the property from Kinley Properties. The transaction was facilitated by Michael Deaton of Deaton Investment Real Estate.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$22,204.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,628.19
Annual Debt Service$355,538.26
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