Jeff Squires Of Kislak Represents Multifamily Sale Of 1407 Morris Avenue And 111 Locust Street For $12M
SOLD
$12,000,000
New Jersey
See Similar DealsMultiFamily2 SF
Sold
SOLD
Jeff Squires Of Kislak Represents Multifamily Sale Of 1407 Morris Avenue And 111 Locust Street For $12M
1407 Morris Avenue & 111 Locust Street
See Similar DealsMultiFamily2 SF
Sold
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$6,000,000
Total Square Footage:2 SF
Transaction Type:Sale
The transaction involved a multifamily property located at 1407 Morris Avenue & 111 Locust Street, situated in the Union & Roselle Park market. The sale price for the asset was $12,000,000, encompassing a total of 75 units, resulting in a price per unit of $160,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $12,000,000
- Units: 75
- Price Per Unit: $160,000
- Broker: Jeff Squires
- Agency: Kislak
- Transaction Date: 01/28/2025
Jeff Squires from Kislak represented the brokerage side in this multifamily sale. The transaction highlights the active involvement of brokers in facilitating property deals within the area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$640,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47
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