Berkadia Represents Seller In Sale Of 23-Unit Multifamily Property In Nutley For $4.41M

The transaction involved a 23-unit multifamily property located at 10-16 Passaic Avenue in Nutley, New Jersey. The sale price was $4,410,000, and the building encompasses a total of 25,000 square feet, resulting in a price per unit of $191,739 and a price per square foot of $176.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,410,000
• Units: 23
• Square Footage: 25,000
• Price Per Unit: $191,739
• Price Per Square Foot: $176
• Market: Nutley

Nat Gambuzza and Tim Blashford of Berkadia exclusively represented the seller and procured the buyer for this transaction. The buyer is looking to enhance their portfolio in the area through a value-add strategy, which includes renovating the units upon turnover. Nutley is recognized for its restaurants, parks, tree-lined streets, and strong school system.