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December 24, 2009

McQuaid Commercial

Noah Klika of McQuaid Commercial announced the sale of a 14-unit apartment building on Capitol Hill for $1.6 million. The property was sold by local owners whose family had owned it for decades. The buyer is a local investor. Klika said the GRM was 10.5 and the CAP rate was 6.08. The units average about 450 square feet so the price per net rentable foot was about $250. The buyer secured new fixed-rate debt in the amount of $650,000 (paying $950,000 cash down) from US Bank. Klika said the buyer and seller completed the transaction as LLC entities and prefer to not disclose their names.




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