Berkadia Represents Seller In 32-Unit Multifamily Sale In Passaic For $5.3M

The property asset involved in the transaction is a multifamily building located at 114 Autumn Street in Passaic, New Jersey. The sale was completed for a total of $5,300,000, comprising 32 units with a price per unit of $165,625. The building has a total square footage of 32,000, translating to a price per square foot of $165. The capitalization rate for this asset is noted at 4.12%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,300,000
• Units: 32
• Price Per Unit: $165,625
• Square Footage: 32,000
• Price Per Square Foot: $165
• Cap Rate: 4.12%
• Sale Date: 02/13/2025

Nat Gambuzza and Spencer Beriont from Berkadia successfully represented the seller in this transaction and procured the buyer. The seller had owned the property for over 40 years, and the apartment building featured a mix of unit types including 14 one-bedroom units, 16 two-bedroom units, and 2 three-bedroom units. The transaction garnered 14 written offers, ultimately exceeding the list price, while Berkadia effectively managed the closing amidst new rent control regulations adopted by the City of Passaic.