Updated Dec 4, 2024
Danny Levato Acquires Mixed-Use Property Portfolio In Morris Plains For $2M
712 Speedwell Avenue, 720 Speedwell Avenue & 3 Franklin Place
$2,000,000
$47/SF
Building Size
13,920 SF
Asset Type
Mixed-use
Closing
Sep 26, 2023
About this deal
AI
A mixed-use property portfolio in Morris County has been sold off-market for $2 million. The portfolio includes three buildings located at 712-718 & 720-726 Speedwell Avenue & 3 Franklin Place in Morris Plains. The buildings house apartments, retail stores, and a warehouse, and are situated near the Morris Plains Train Station, offering strong retail visibility. The total area of the property is 13,920 square feet, resulting in a price per square foot of $144.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $2,000,000
- Seller: 712 Speedwell Realty LLC
- Buyer: Danny Levato
- Broker: Blake Shanaphy - JLL
Blake Shanaphy, a representative from JLL, brokered the deal. This sale marks the second ownership change in nearly 60 years for the property. Danny Levato, a local real estate investor, sees long-term return potential in the property due to its prime location and strong retail visibility. The off-market nature of the sale adds to the exclusivity and opportunity for Levato.
On the Map
$2,000,000
$47/SF
Mixed-use
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Morris Plains 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
7.93%
Cash-on-Cash
-2.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93