Updated May 29, 2025
Joseph Passalaqua Acquires Mixed-Use Property In Morristown For $3.45M With Broker Shane Wierks & Kyle Goworek
22 North Park Place
$3,450,000
$414/SF
Building Size
8,332 SF
Asset Type
Mixed-use
Closing
May 14, 2025
About this deal
AI
The property involved in this transaction is a mixed-use asset located at 22 North Park Place in Morristown. The sale price for this property was $3,450,000, with a total square footage of 8,332, resulting in a price per square foot of $414.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $3,450,000
- Address: 22 North Park Place
- Market: Morristown
- Square Footage: 8,332
- Price per Square Foot: $414
- Buyer: Joseph Passalaqua
- Buyer's Representative: Shane Wierks & Kyle Goworek - Jeffery Realty
This transaction involved Joseph Passalaqua as the buyer, with Shane Wierks and Kyle Goworek representing him under Jeffery Realty. The deal reflects a significant transaction in the Morristown market, showcasing the activity in mixed-use properties.
On the Map
$3,450,000
$414/SF
Mixed-use
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Players
Morristown Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.60%
Cash-on-Cash
-1.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93