SOLD
Kislak Brokers Facilitate $4.3M Sale Of Mixed-Use Property On Market Street In Passaic
87-91 Market Street
Mixed-use
28,000 SF
28,000 SF
Sold 292 days ago
Summary
Sale
NEW JERSEY
Mixed-use
28,000 sqft
The mixed-use property located at 87-91 Market Street in Passaic has been sold for $4,300,000. This transaction marks one of the highest prices per unit in Passaic, with each of the 13 units selling for an average price of $330,769. The property spans across 28,000 square feet, resulting in a price per square foot of $154. The sale yielded a cap rate above 6.5%, indicating a favorable return on investment.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $4,300,000
- Units: 13
- Price per Unit: $330,769
- Square Feet: 28,000
- Price per Square Foot: $154
- Market: Passaic
The sale of this property was facilitated by Daniel Lanni and Robert Squires of Kislak, who provided their expertise and utilized their broad client database to secure a successful transaction. By exclusively representing the seller, Lanni and Squires were able to generate multiple offers and guide the process from start to finish, resulting in the highest and best price for the property.
Players
All
3
Agents
2
Agencies
1
Details
SOLD
IMAGE: Daniel Lanni & Robert Squires
DATE: 06/30/2023
ADDRESS: 87-91 Market Street
MARKET: Passaic
ASSET TYPE: Mixed-use
BROKERS: Daniel Lanni (@Dlanni_) & Robert Squires (@Robertosquires) - Kislak (@KislakCompany)
SALE PRICE: $4,300,000
UNITS: 13 ~ PPU: $330,769
SF: 28,000 ~ PPSF: $154
NOTE FROM BROKER: Mr. Squires commented: “After the seller engaged us exclusively, we marketed the property and obtained the highest and best price for it. While the property sold for more than $330,000 per unit, among the highest prices per unit in Passaic, it also sold for a cap rate above 6.5%.”
Mr. Lanni added, “In this challenging investment real estate market, the sellers knew if they wanted to close quickly and efficiently, they would need proper representation. By leveraging our market expertise and broad client database, we procured multiple offers and helped guide the process from the start through to a successful finish.”View on map
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Address87-91 Market Street
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