Glenn Polasky Acquires Multifamily Property In Hackensack, NJ For $2.1M
181-187 Grand Avenue
$2,100,000
$437/SF
Building Size
4,800 SF
Asset Type
MultiFamily
Closing
Jun 28, 2024
AI
The multifamily property located at 181-187 Grand Avenue in Hackensack, NJ was recently sold for $2,100,000. This property consists of 12 units with a price per unit of $175,000. The total square footage of the property is 4,800, translating to a price per square foot of $438.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,100,000
- Units: 12
- Price Per Unit: $175,000
- Square Footage: 4,800
- Price Per Square Foot: $438
- Address: 181-187 Grand Avenue, Hackensack, NJ
- Market: Hackensack, NJ
The sale of this multifamily property was facilitated by brokers Joseph Spinella and Cole Malinowski from KW Commercial, along with Henry Eisenstein from EXP Realty. Glenn Polasky acquired the property from the seller, Ramzy Azui, at a price that reflects the property's value and potential in the market.
Players
Hackensack MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.55%
Cash-on-Cash
-2.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93