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Michael Todaro Of Michael Properties Represents Buyer In $1.1M Mixed-Use Sale In Paterson
SOLD
$1,100,000
New Jersey
See Similar DealsMixed-use
Sold 07/22/2024
SOLD
Michael Todaro Of Michael Properties Represents Buyer In $1.1M Mixed-Use Sale In Paterson
752 Belmont Avenue & 758 Belmont Avenue
See Similar DealsMixed-use
Sold 07/22/2024
Summary
NEW JERSEY
Asset Type:Mixed-use
Transaction Type:Sale
752-758 Belmont Avenue in Paterson is a mixed-use property that consists of 8 residential apartments and 1 commercial unit. The property has a sale price of $1.1 million, equating to a price per unit of $122,222. All units are equipped with separate utilities, and the tenants currently have month-to-month leases.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $1,100,000
- Units: 9
- Price Per Unit: $122,222
- Buyer's Representative: Michael Todaro - Michael Properties
- Seller's Representative: Kristina Hajhassan - Re/Max Select
Michael Todaro from Michael Properties represented the buyer in this transaction, while Kristina Hajhassan from Re/Max Select acted as the seller's representative. The deal was finalized on July 22, 2024.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$58,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,908.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,214.56
Annual Debt Service$62,574.73
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