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Justin Square LLC Purchases 58-Unit Multifamily Property At 223 Prospect Street For $7.95M
SOLD
$7,950,000
New Jersey
See Similar DealsMultiFamily
Sold
SOLD
Justin Square LLC Purchases 58-Unit Multifamily Property At 223 Prospect Street For $7.95M
223 Prospect Street
See Similar DealsMultiFamily
Sold
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
A 58-unit garden-style multifamily property located at 223 Prospect Street in East Orange, NJ was sold for $7,950,000. The transaction was facilitated by ICON Real Estate Advisors, with the property market value reflecting a price per unit of $137,069.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,950,000
- Units: 58
- Price Per Unit: $137,069
- Buyer: Justin Square LLC
- Seller: MCM Associates LLC
- Brokers: David Oropeza & David Jarvis - ICON Real Estate Advisors
The deal was structured by David Oropeza and David Jarvis, who represented ICON Real Estate Advisors in this transaction. MCM Associates LLC acted as the seller of the property, while Justin Square LLC was the buyer, marking a significant transaction in the East Orange market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$424,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,244.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,687.06
Annual Debt Service$452,244.67
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