Gold Coast Builders Acquires Development Site In Jersey City For $2.55M
SOLD
$2,550,000
New Jersey
See Similar DealsDevelopment Site10,000 SF
Sold 03/21/2022
SOLD
Gold Coast Builders Acquires Development Site In Jersey City For $2.55M
511 Newark Avenue & 511 Newark Avenue, Jersey City, New Jersey 07306, United States
See Similar DealsDevelopment Site10,000 SF
Sold 03/21/2022
Summary
NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$255
Total Square Footage:10,000 SF
Transaction Type:Sale
A development site located at 511 Newark Ave in Jersey City has been sold. The property, measuring 5,000 square feet, was sold by Pompillio to Gold Coast Builders. The sale price for the site was $2,550,000, with an asking price of $2,500,000. This translates to a price per square foot of $510.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,550,000
- Address: 511 Newark Ave, Jersey City
- Market: Jersey City
- Buyer: Gold Coast Builders
- Seller: Pompillio
- Broker: Tom Misuraca - Keller Williams Realty
Tom Misuraca of Keller Williams Realty represented the buyer, Gold Coast Builders, in this transaction. The deal was closed on 03/22/2022. Both the buyer and seller were able to reach an agreement on the sale price, resulting in a successful transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$136,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,059.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,088.30
Annual Debt Service$145,059.61
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