Daniel Lanni Of Kislak Represents Sale Of Development Site In Manalapan For $4.5M
SOLD
$4,500,000
New Jersey
See Similar DealsDevelopment Site1,176,120 SF
Sold 05/12/2025
SOLD
Daniel Lanni Of Kislak Represents Sale Of Development Site In Manalapan For $4.5M
State Route 33
See Similar DealsDevelopment Site1,176,120 SF
Sold 05/12/2025
Summary
NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$3
Total Square Footage:1,176,120 SF
Transaction Type:Sale
This development site, located at State Route 33 in Manalapan, was sold for $4,500,000. The site encompasses 27 acres of land, providing substantial space for potential development. The property has been family-owned for 40 years.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,500,000
- Acres: 27
- Market: Manalapan
- Broker: Daniel Lanni - Kislak
- Transaction Date: 5/12/2025
- Buyer: 1031 buyer paid all cash
Daniel Lanni represented the seller in this transaction, facilitating the deal after an extended family ownership period. The transaction reflects a straightforward cash deal, distinguishing the buyer as a 1031 exchange participant.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$240,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,987.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,332.30
Annual Debt Service$255,987.55
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