River Gardens NJ LLC Acquires 108-Unit Multifamily In Nutley For $19M
SOLD
$19,000,000
New Jersey
See Similar DealsMultiFamily74,923 SF
Sold 09/29/2020
SOLD
River Gardens NJ LLC Acquires 108-Unit Multifamily In Nutley For $19M
181 River Rd, Nutley, NJ 07110, Estados Unidos
See Similar DealsMultiFamily74,923 SF
Sold 09/29/2020
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$253
Total Square Footage:74,923 SF
Transaction Type:Sale
River Gardens NJ LLC has acquired a multifamily property located at 181 River Road in Nutley. The property consists of 108 units and was sold by Westbank Apartments LLC/Avalon Apartment LLC. The transaction was facilitated by brokers Niko Nicolaou and Ken Uranowitz from Gebroe-Hammer Associates. The sale price for the property was $19,000,000, resulting in a per unit price of $175,926.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $19,000,000
- Units: 108
- Price Per Unit: $175,926
- Address: 181 River Road, Nutley
- Market: Nutley
This transaction was brokered by Niko Nicolaou and Ken Uranowitz from Gebroe-Hammer Associates, who represented River Gardens NJ LLC as the buyer. No additional information was available about the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,013,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$67,502.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,069.69
Annual Debt Service$1,080,836.32
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