Updated Dec 19, 2023
Century ACV LLC Acquires Mixed-Use Property In Garfield For $1.125M With Buyer's Rep Jorge Souto & Seller's Rep Richard Sommese
64 Belmont Avenue, Garfield, New Jersey 07026, United States
$1,125,000
Units
7
Asset Type
Mixed-use
Closing
May 30, 2022
About this deal
AI
The mixed-use property located at 64 Belmont Ave in Garfield has been sold for a total of $1,125,000. The transaction, which took place on 05/31/2022, involved the sale of 7 units. The price per unit (PPU) was calculated to be $160,714. The property, captured in an image by Jorge Souto, offers a unique investment opportunity in the thriving Garfield market.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $1,125,000
- Address: 64 Belmont Ave
- Market: Garfield
Jorge Souto, representing Century ACV LLC, acted as the buyer's representative in this transaction. Meanwhile, Richard Sommese, from Living New Jersey Realty, represented the seller. The involvement of these individuals and their respective agencies showcases the professionalism and expertise brought to the table to facilitate the successful sale of this unique mixed-use property.
Players
Garfield 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
14.10%
Cash-on-Cash
-4.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93