Updated Oct 28, 2024
Westnorm Properties Acquires Development Site In Hackensack For $1.75M
134 Sussex Street, Hackensack, New Jersey 07601, United States
$1,750,000
$46/SF
Building Size
38,000 SF
Asset Type
Development Site
Closing
Apr 18, 2022
About this deal
AI
A development site located at 134 Sussex St in Hackensack (Essex Train Station) has been sold in a recent transaction. The property spans 38,000 square feet and is classified as a development site. The sale price amounted to $1,750,000, slightly lower than the asking price of $1,800,000. The property consists of 28 units, resulting in a price per unit of $62,500. The price per square foot is approximately $46.
Summary of Transaction Details:
- Property Type: Development Site
- Transaction Amount: $1,750,000
- Address: 134 Sussex St
- Market: Hackensack (Essex Train Station)
- Buyer: Westnorm Properties
- Seller: HHH Properties LLC
- Broker: Bobby Antonicello Jr. - Grid Real Estate
- Units: 28
- Price Per Unit: $62,500
- Square Footage: 38,000
- Price Per Square Foot: $46
The deal was facilitated by Bobby Antonicello Jr. from Grid Real Estate, who represented the buyer and seller in the transaction of this development site.
Players
Hackensack Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.06%
Cash-on-Cash
-2.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93