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Kislak Acquires Multifamily Portfolio In North Arlington For $8.4M

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SOLD
$8,441,836

New Jersey

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MultiFamily
Sold 07/08/2022
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Property Image
SOLD

Kislak Acquires Multifamily Portfolio In North Arlington For $8.4M

132 Ridge Road, North Arlington, New Jersey 07031, United States

See Similar Deals
MultiFamily
Sold 07/08/2022
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

A multifamily property portfolio in North Arlington has been sold for a total of $8,441,836. The portfolio consists of three properties located at 132-136 Ridge Road, 124-126 Ridge Road, and 3 Wesley Place. Ridgeview Apartments at 132-136 Ridge Road includes 37 residential units and four offices. Additionally, 124-126 Ridge Road features four residential units and three retail spaces, while 3 Wesley Place has two residential units.

Summary of transation details

The deal was facilitated by Andrew Scheinerman, Scott Davidovic, and Michael Kossak from Kislak. They represented the parties involved in the transaction, acting as brokers for the buyer and seller. The sale of this multifamily property portfolio in North Arlington highlights the expertise and effectiveness of the Kislak team.

Players

Scott Davidovic
7 deals$135M volume
BROKER

Michael (Mike) Kossak
Marcus & Millichap
6 deals$40M volume(201) 742-6143
BROKER

Andrew Scheinerman
Kislak
7 deals$142.1M volume
BROKER

Details

SOLD
IMAGE: Andrew Scheinerman, Scott Davidovic & Michael Kossak DATE: 07/08/2022 ADDRESS: 132-136 Ridge Road, 124-126 Ridge Road & 3 Wesley Place MARKET: North Arlington ASSET TYPE: Multifamily BROKERS: Andrew Scheinerman (@A_Scheiny), Scott Davidovic (@Scott_Davidovic) & Michael Kossak (@MikeKossak) - Kislak (@KislakCompany) SALE PRICE: $8,441,836 UNITS: 50 ~ PPSF: $168,837 NOTE FROM @KislakCompany: The portfolio consists of the following properties: Ridgeview Apartments, 132-136 Ridge Road with 37 residential units and four offices; 124-126 Ridge Road with four residential units and three retail spaces; and 3 Wesley Place with two residential units.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$450,231.23

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$29,992.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,018.61
Annual Debt Service$480,223.31