Teaneck Urban Renewal Acquires Development Site In Teaneck For $9.8M
SOLD
$9,830,000
+ 1
New Jersey
See Similar DealsDevelopment Site300,000 SF
Sold
SOLD
Teaneck Urban Renewal Acquires Development Site In Teaneck For $9.8M
329 Alfred Avenue, Teaneck, NJ 07666, USA
See Similar DealsDevelopment Site300,000 SF
Sold
+ 1
Summary
NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$32
Total Square Footage:300000 SF
Transaction Type:Sale
A development site located at 329 Alfred Ave in Teaneck has been sold for a price of $9,830,000. The property has a total square footage of 300,000, resulting in a price per square foot of $32. The transaction took place on October 1, 2021.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $9,830,000
- Address: 329 Alfred Ave
- Market: Teaneck
The buyer of the property was Teaneck Urban Renewal, while the seller was 329 Alfred Corp. Representing both parties in the deal were John Krueger, Casey Egan, Daniel Aviles, and Steven J. Siegel from Marcus & Millichap.
This transaction highlights the successful collaboration between Teaneck Urban Renewal and 329 Alfred Corp, facilitated by the experienced brokers John Krueger, Casey Egan, Daniel Aviles, and Steven J. Siegel from Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$524,266.68
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$34,923.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,599.22
Annual Debt Service$559,190.58
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