Updated Oct 29, 2024
Marcus & Millichap Brokers $3.2M Sale Of Medical Office In Flemington To Private LLC
121 Nj-31, Flemington, NJ, 08822
$3,200,000
$97/SF
Building Size
33,000 SF
Asset Type
Medical Office
Closing
Nov 22, 2023
About this deal
AI
The 31 North Office Center, a 33,000-square-foot medical office property located at 121 State Route 31 in Flemington, New Jersey, has been sold for $3.2 million. The transaction was negotiated by Marcus & Millichap. The seller of the property, a bank/financial institution, was represented by Ben Sgambati, Alan Cafiero, Anthony Asencio, and Victor W. Nolletti of Marcus & Millichap. On the buyer's side, a private LLC was represented by Anthony Asencio of Marcus & Millichap. The class B building is situated in the Flemington market.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $3,200,000.00
- Seller's Representative: Victor Nolletti (Institutional Property Advisors)
- Buyer: Private LLC
The deal at 31 North Office Center in Flemington involved prominent brokers from Marcus & Millichap, namely Ben Sgambati, Alan Cafiero, Anthony Asencio, and Victor W. Nolletti, representing the seller, and Anthony Asencio, representing the buyer. The transaction reflects the strong demand and activity in the medical office asset class within the Flemington market.
On the Map
$3,200,000
$97/SF
Medical Office
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Players
Flemington Medical Office Market Snapshot
Boundary boundary · Medical Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.96%
Cash-on-Cash
-1.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93