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Lincoln Memorial School Sells For $1.25M; ZDS To Transform Into Affordable Housing
SOLD
$1,250,000
Rhode Island
See Similar DealsSchool13,602 SF
Sold 03/08/2024
SOLD
Lincoln Memorial School Sells For $1.25M; ZDS To Transform Into Affordable Housing
1624 Lonsdale Avenue
See Similar DealsSchool13,602 SF
Sold 03/08/2024
Summary
RHODE ISLAND
Asset Type:School
Price Per Square Foot:$91
Total Square Footage:13,602 SF
Transaction Type:Sale
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:
- Property Type: School
- Transaction Amount: $1,250,000
- Address: 1624 Lonsdale Avenue
- Market: Lincoln, RI
- Broker: Derek Brazeau - Cushman & Wakefield
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$66,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$4,440.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,925.64
Annual Debt Service$71,107.65
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