Updated Oct 28, 2024
Stanfield Corp. Acquires Retail Property On Spring Street In Newport, RI
38 Spring St, Newport, Rhode Island 02840, United States
$1,862,500
Units
17
Asset Type
Retail
Closing
Dec 10, 2021
About this deal
AI
Located at 38-42 Spring Street in Newport, RI, this retail property has recently been sold in a transaction handled by Libby Kirwin of Residential Properties Ltd. The property was listed by Delfine Martin & Mary Hanoian Living Trust, with Mary Hanoian as the seller.
Summary of transaction details:
- Property Type: Retail
- Sale Price: $1,862,500
- Units: 17
- Price per Unit: $109,559
The buyer, Stanfield Corp., completed the purchase of this retail property. Stanfield Corp., represented by Libby Kirwin of Residential Properties Ltd, acquired the property from the seller, Mary Hanoian.
Players
Newport Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.52%
Cash-on-Cash
-2.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93