The Fitzpatrick Team Acquires Hotel In Newport, RI For $1.7M
16 Clarke Street, Newport, Rhode Island 02840, United States
$1,700,000
Building Size
—
Asset Type
Hotel
Closing
Feb 10, 2022
AI
The hotel located at 16 Clarke St in Newport, RI has been sold in a recent transaction for a sale price of $1,700,000. The property features an undisclosed square footage and is situated in the Newport market.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $1,700,000
- Date: 02/11/2022
- Address: 16 Clarke St, Newport, RI
- Market: Newport, RI
The buyer was represented by The Fitzpatrick Team from Re/Max Newport, while Leslie Hogan & The Hadfield Group from Hogan Associates acted as the seller's representative in the deal.
Players
Newport Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.33%
Cash-on-Cash
-2.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93