Updated Sep 9, 2024
RE/MAX Acquires Multifamily Property In Jersey City For $1.4M
24 Bright Street
$1,400,000
Units
3
Asset Type
MultiFamily
Closing
Aug 17, 2023
About this deal
AI
A historic multifamily property at 24 Bright Street in Jersey City, near the Grove St PATH Station, has been sold. The property offers a prime investment opportunity with its downtown location close to Van Vorst Park and Newark Ave's amenities. It consists of three units, five bedrooms, four kitchens, and three and a half baths. The property is well-suited for rental income or potential condo conversion.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $1,400,000
- Units: 3
- Price Per Unit (PPU): $466,667
- Market: Jersey City
The buyer of the property was represented by Nazli Fard from RE/MAX, while Amiramis Perez from Prominent Properties Sotheby's International Realty represented the seller. Overall, this transaction presents a valuable investment opportunity in Jersey City's real estate market.
Players
Jersey City 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
11.33%
Cash-on-Cash
-3.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93