Brick Capital Acquires Mixed-Use Property In Philadelphia For $12.7M
SOLD
$12,700,000
Pennsylvania
See Similar DealsMixed-use6,500 SF
Sold 06/13/2020
SOLD
Brick Capital Acquires Mixed-Use Property In Philadelphia For $12.7M
829-37 Spruce St, Philadelphia, PA, USA
See Similar DealsMixed-use6,500 SF
Sold 06/13/2020
Summary
PENNSYLVANIA
Asset Type:Mixed-use
Price Per Square Foot:$1,953
Total Square Footage:6,500 SF
Transaction Type:Sale
Located at 829-37 Spruce St in the market of Philadelphia, PA, a mixed-use property was recently sold for a transaction worth $12,700,000. The sale took place on June 13, 2021. The property is characterized by its diverse usage, combining both residential and commercial components.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $12,700,000
- Address: 829-37 Spruce St, Philadelphia, PA
- Market: Philadelphia, PA
Brick Capital, represented by Alex Cook and Scott Baldasarec, served as the buyer in this transaction. The buyer was assisted by Corey Lonberger and Ken Wellar, who represented Rittenhouse Realty Advisors as their brokers. Their expertise in facilitating this deal contributed to its successful completion.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$677,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$45,120.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$60,204.48
Annual Debt Service$722,453.75
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