Micozzi Management Purchases Multifamily Property From Red Castle Real Estate For $17.89M
SOLD
$22,136,400
+ 4
Rhode Island
See Similar DealsMultiFamily349,560 SF
Sold 12/11/2024
SOLD
Micozzi Management Purchases Multifamily Property From Red Castle Real Estate For $17.89M
65 Oaklawn Avenue & 65 Oaklawn Avenue
See Similar DealsMultiFamily349,560 SF
Sold 12/11/2024
+ 4
Summary
RHODE ISLAND
Asset Type:MultiFamily
Price Per Square Foot:$63
Total Square Footage:349,560 SF
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located at 65-75 Oaklawn Avenue & 3920 Post Road in the Cranston & Warwick, RI market. The sale was finalized at a price of $17,886,400 for a total of 106 units, which equates to a price per unit of $168,740.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $17,886,400
- Buyer: Micozzi Management
- Seller: Red Castle Real Estate
- Brokers: John Flaherty, Christopher Sower, Jonathan Bryant, Bruce Lusa, Kevin Jones, Mary VanNatta & Julie Regan - Cushman & Wakefield
- Units: 106
- Price Per Unit: $168,740
The brokers representing the transaction played a crucial role in facilitating this deal. The team of brokers includes John Flaherty, Christopher Sower, Jonathan Bryant, Bruce Lusa, Kevin Jones, Mary VanNatta, and Julie Regan from Cushman & Wakefield, providing their expertise and services throughout the transaction process.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,180,608.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$78,645.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,937.83
Annual Debt Service$1,259,253.95
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