QCRE Sells Development Site On Norfolk St In Newark For $3.4M
86 Norfolk Street, Newark, New Jersey 07103, United States
$3,435,000
$214/SF
Building Size
16,000 SF
Asset Type
Development Site
Closing
May 5, 2022
AI
A development site located at 86-96 Norfolk St in Newark has been sold for a price of $3,435,000. The property was assembled and sold by QCRE on behalf of the three owners. The development site consists of three parcels, with a total buildable square footage of 16,000. The price per buildable square footage is $215.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,435,000
- Address: 86-96 Norfolk St, Newark
- Market: Newark
- Broker: Ryan Cerqueira - QCRE
Ryan Cerqueira from QCRE served as the broker in this deal, representing the three owners of the development site. The sale of the parcels was executed seamlessly, allowing for the consolidation of the three properties into one development site for future expansion or construction.
Newark 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
4.62%
Cash-on-Cash
-1.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93