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22 North Park Place

Joseph Passalaqua Acquires Mixed-Use Property In Morristown For $3.45M With Broker Shane Wierks & Kyle Goworek
SOLDMixed-use

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

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.

Players

Shane Wierks

Jeffery Realty

Broker

$16.4M

vol

8 deals

Broker

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