Riviera Hotel In Newark Sold For $8.5M - Broker: Ryan Cerqueira
SOLD
$8,500,000
New Jersey
See Similar DealsHotel100,000 SF
Sold 04/04/2023
SOLD
Riviera Hotel In Newark Sold For $8.5M - Broker: Ryan Cerqueira
Riviera Hotel - 165 Clinton Avenue
See Similar DealsHotel100,000 SF
Sold 04/04/2023
Summary
NEW JERSEY
Asset Type:Hotel
Price Per Square Foot:$85
Total Square Footage:100,000 SF
Transaction Type:Sale
The Riviera Hotel, located at 165 Clinton Avenue in Newark, has been sold in a recent transaction. The hotel, spanning approximately 100,000 square feet, was purchased for a total sale price of $8,500,000. Ryan Cerqueira of an undisclosed agency represented the buyer in this sale.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $8,500,000
- Square Footage: 100,000
- Price per Square Foot: $85
- Date: 04/04/2023
- Market: Newark
Ryan Cerqueira, serving as the broker for the buyer, facilitated the acquisition of the Riviera Hotel. The exact details of the transaction, including any financing or additional parties involved, were not provided in the available information.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$453,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04
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