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1624 Lonsdale Avenue

Lincoln Memorial School Sells For $1.25M; ZDS To Transform Into Affordable Housing
SOLDSchool

Lincoln Memorial School Sells For $1.25M; ZDS To Transform Into Affordable Housing

1624 Lonsdale Avenue

$1,250,000

$91/SF

Building Size

13,602 SF

Asset Type

School

Closing

Mar 8, 2024

AI

The historic Lincoln Memorial School in Lincoln, Rhode Island, sold for $1.25 million. The property, located at 1624 Lonsdale Avenue, spans 13,602 square feet with a price per square foot of $92.

Summary of transaction details:

Hayes & Sherry facilitated the sale of the Lincoln Memorial School. Derek Brazeau, from Cushman & Wakefield, led the transaction. The property will be transformed into affordable housing by ZDS Architecture & Interiors.

Players

Derek Brazeau

Cushman & Wakefield

Broker

$11.3M

vol

5 deals

Broker

Lincoln School Market Snapshot

Boundary boundary · School · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

12.69%

Cash-on-Cash

-3.63%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93