The Fitzpatrick Team Acquires Hotel In Newport, RI For $1.7M
SOLD
$1,700,000
Rhode Island
See Similar DealsHotel
Sold 02/11/2022
SOLD
The Fitzpatrick Team Acquires Hotel In Newport, RI For $1.7M
16 Clarke Street, Newport, Rhode Island 02840, United States
See Similar DealsHotel
Sold 02/11/2022
Summary
RHODE ISLAND
Asset Type:Hotel
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$90,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,039.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,058.87
Annual Debt Service$96,706.41
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