John Verni Jr. Acquires Multifamily Properties In Providence For $11.67M
SOLD
$11,670,000
Rhode Island
See Similar DealsMultiFamily64,500 SF
Sold 01/26/2024
SOLD
John Verni Jr. Acquires Multifamily Properties In Providence For $11.67M
110 Dean Street & 128 Dean Street
See Similar DealsMultiFamily64,500 SF
Sold 01/26/2024
Summary
RHODE ISLAND
Asset Type:MultiFamily
Price Per Square Foot:$180
Total Square Footage:64,500 SF
Transaction Type:Sale
The multifamily property located at 110 & 128 Dean Street & 18 Spruce Street in Providence, RI, was sold for $11,670,000. The property comprises 49 units with a price per unit of $238,163. It spans 32,250 square feet, resulting in a price per square foot of $362.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,670,000
- Units: 49
- Price Per Unit: $238,163
- Square Footage: 32,250
- Price Per Square Foot: $362
- Address: 110 & 128 Dean Street & 18 Spruce Street, Providence, RI
- Market: Providence, RI
John Verni Jr. acquired the property from William Distefano with the representation of Tim McGeary & Richard Welch from NorthEast Private Client Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$622,399.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,461.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$55,321.75
Annual Debt Service$663,861.05
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