Jason Petrick Of Marcus & Millichap Represents Seller In $4.9M Sale Of Morristown Development Site
25 Market Street
$4,900,000
Building Size
—
Asset Type
Development Site
Closing
Feb 11, 2025
AI
The asset involved in the transaction is a development site located at 25 Market Street in Morristown, NJ. The site is transit-accessible and is positioned near The Green. The sale was completed for a total price of $4,900,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,900,000
- Address: 25 Market Street
- Market: Morristown
- Broker: Jason Petrick - Marcus & Millichap
In this transaction, Jason Petrick and Chez Eider represented the seller and facilitated the deal by securing a local private investor as the buyer. The brokerage firm involved in the transaction is Marcus & Millichap.
Morristown 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
3.24%
Cash-on-Cash
-0.93%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93