Tenth Avenue Holdings Acquires Mixed-use Property In McGinley Square, Jersey City For $23.75M
SOLD
$23,750,000
New Jersey
See Similar DealsMixed-use1,003 SF
Sold 07/27/2020
SOLD
Tenth Avenue Holdings Acquires Mixed-use Property In McGinley Square, Jersey City For $23.75M
280 Fairmount Ave, Jersey City, NJ 07306, USA
See Similar DealsMixed-use1,003 SF
Sold 07/27/2020
Summary
NEW JERSEY
Asset Type:Mixed-use
Price Per Square Foot:$23,679
Total Square Footage:1,003 SF
Transaction Type:Sale
The mixed-use property located at 280 Fairmount Avenue in McGinley Square, Jersey City, was recently sold in a closed transaction. The sale, which took place on July 27, 2020, involved a transaction amount of $23,750,000. The property consists of 58 units, resulting in a price per unit of $409,482.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $23,750,000
- Units: 58
- Price Per Unit: $409,482
Tenth Avenue Holdings, represented by Laurence & Donald Denihan, acted as the buyer in the transaction, while The KABR Group served as the seller. Niko Nicolaou from Gebroe-Hammer Associates represented the buyer in the deal.
Players
SELLER
Details
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30 years
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$84,378.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$112,587.12
Annual Debt Service$1,351,045.40
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