facebook


Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New Jersey

/

Development Site

/

Sale

/

518 Vosseller Avenue, Bound...

Updated Dec 21, 2023

Nat Gambuzza And Trevor Fiebel Of Berkadia Acquire Development Site In Bound Brook For $1.6M
SOLDDevelopment Site

Nat Gambuzza And Trevor Fiebel Of Berkadia Acquire Development Site In Bound Brook For $1.6M

518 Vosseller Avenue, Bound Brook, New Jersey 08805, United States

$1,600,000

$163/SF

Building Size

9,774 SF

Asset Type

Development Site

Closing

Apr 29, 2022

About this deal

AI

The Allure, located at 518 Vosseller Avenue in Bound Brook, New Jersey, has recently closed. This development site, previously a catering facility, is set to be transformed into a luxury apartment community following the township's approval. The 40-unit project is 100% market-rate and did not require any variances or tax incentives for approval. The purchaser, a New Jersey based developer, obtained the necessary approvals while under contract and closed shortly after site plan approval. The sale price for this transaction was $1,600,000.

Summary of transaction details

This deal was announced by Nat Gambuzza and Trevor Fiebel, who marketed the property exclusively and also represented the purchaser. The developer successfully navigated the approval process while funding the seller's carrying costs. It is worth noting that this transaction was closed at the brokers' previous firm.

On the Map

Open live map

$1,600,000

$163/SF

Development Site

View full map

Players

Nat Gambuzza

Berkadia

Broker

$944.6M

vol

76 deals

Broker

Bound Brook Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

Loading comparables…

Deal FAQ

About $163 per square foot on a published $1.6M for 9,774 square feet (2022).

Visit Michael O'Reilly to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

9.91%

Cash-on-Cash

-2.83%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

More Deals

Nearby Markets