Marcus & Millichap Brokers Jersey City Multifamily Sale For $1.135M

A multifamily property located at 240 Jewett Avenue in Jersey City was recently sold for $1.135 million. This property consists of 7 units spanning across 6,894 square feet, resulting in a price per unit of $162,143 and a price per square foot of $165. The sale was facilitated by Marcus & Millichap, showcasing the attractiveness of the Jersey City market to investors from New York City.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $1,135,000
• Units: 7
• Square Footage: 6,894
• Price Per Unit: $162,143
• Price Per Square Foot: $165
• Address: 240 Jewett Avenue
• Market: Jersey City

Eve Parker and Jonathan Zamora from Marcus & Millichap played crucial roles in securing attractive pricing at a 4% cap rate for this transaction. Their efforts led to an all-cash deal with strong terms, underscoring the demand for multifamily properties in Jersey City among investors seeking favorable investment opportunities.