The Kislak Company, Inc Acquires Multifamily Property In Newark For $5.3M
SOLD
$5,300,000
New Jersey
See Similar DealsMultiFamily
Sold 03/16/2022
SOLD
The Kislak Company, Inc Acquires Multifamily Property In Newark For $5.3M
1 Noll Place, Newark, New Jersey 07106, United States
See Similar DealsMultiFamily
Sold 03/16/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
Two multifamily properties located at 1 & 2 Noll Place and 532 Sanford Avenue in Newark have been sold for a total price of $5,300,000. The sale was facilitated by Michael Salomon, Don Baxter, and Michael Kossak of The Kislak Company, Inc. The transaction took place on March 16, 2022.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $5,300,000
- Number of Units: 45
- Price Per Unit: $117,778
- Address: 1 & 2 Noll Place, 532 Sanford Avenue
- Market: Newark
The two properties consist of a total of 44 residential units and 1 retail space. The transaction between the buyer and seller was represented by Michael Salomon, Don Baxter, and Michael Kossak from The Kislak Company, Inc.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$282,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$18,829.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,124.70
Annual Debt Service$301,496.45
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