Dino Tomassetti Jr Acquires Storage Property In Boonton, NJ For $5.6M
SOLD
$5,600,000
+ 1
New Jersey
See Similar Deals89,435 SF
Sold 12/15/2021
SOLD
Dino Tomassetti Jr Acquires Storage Property In Boonton, NJ For $5.6M
300 Myrtle Avenue, Boonton, New Jersey 07005, United States
See Similar Deals89,435 SF
Sold 12/15/2021
+ 1
Summary
NEW JERSEY
Price Per Square Foot:$62
Total Square Footage:89,435 SF
Transaction Type:Sale
The storage facility located at 300 Myrtle Ave in Boonton, NJ has been sold in a recent transaction. The property spans across 89,435 square feet with a price per square foot of $63. The sale took place on 12/15/2021, with a sale price of $5,600,000. The asset was on the market for a listed asking price of $6,500,000.
Summary of transaction details
- Property Type: Storage
- Transaction Amount: $5,600,000
- Address: 300 Myrtle Ave, Boonton, NJ
- Market: Boonton, NJ
The buyer of the property was Dino Tomassetti Jr, while the seller was Edward Malavarca. The transaction was facilitated by brokers Joseph Ash, Isaac Setton, and Bunny Escava from Kassin Sabbagh Realty.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$298,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$19,895.61
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,546.86
Annual Debt Service$318,562.28
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