Updated Oct 28, 2024
RJ Block Properties Acquires Multifamily Property In Newark For $36.5M
24 Jones Street, Newark, New Jersey 07103, United States
$36,500,000
$258/SF
Building Size
141,175 SF
Asset Type
MultiFamily
Closing
Jan 11, 2022
About this deal
AI
Located at 24 Jones St in Newark, this multifamily property was recently sold in a transaction worth $36,500,000. The property consists of 152 units, with a per-unit price of $240,132. The sale was facilitated by brokers Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel, and Travis Langer from CBRE. RJ Block Properties acquired the property from Tucker Development.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $36,500,000
- Address: 24 Jones St, Newark
- Market: Newark
- Units: 152
- Price Per Unit: $240,132
The involvement of RJ Block Properties as the buyer and Tucker Development as the seller highlights the key individuals and companies in this transaction. CBRE brokers Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel, and Travis Langer played a crucial role in facilitating the deal on behalf of their respective clients.
On the Map
$36,500,000
$258/SF
MultiFamily
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Players
Newark 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
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93