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Joni Sweetwood Of Kislak Represents Buyer In $22.15M Multifamily Sale At 26 Locust Drive

Property Image
SOLD
$22,150,000
Robert Holland
Joni Sweetwood
Jeff Squires

New Jersey

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MultiFamily25,000 SF
Sold
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Property Image
SOLD

Joni Sweetwood Of Kislak Represents Buyer In $22.15M Multifamily Sale At 26 Locust Drive

26 Locust Drive

See Similar Deals
MultiFamily25,000 SF
Sold
Robert Holland
Joni Sweetwood
Jeff Squires
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$886
Total Square Footage:25,000 SF
Transaction Type:Sale

The asset involved in this transaction is a multifamily property located at 26 Locust Drive in the Summit market. The sale price for this property was $22,150,000, which breaks down to $388,596 per unit with a total of 57 units.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $22,150,000
  • Address: 26 Locust Drive
  • Market: Summit
  • Units: 57
  • Price Per Unit: $388,596
  • Buyer's Representative: Joni Sweetwood - Kislak
  • Seller's Representatives: Robert Holland & Jeff Squires - Kislak

This transaction featured Joni Sweetwood representing the buyer, while Robert Holland and Jeff Squires acted as representatives for the seller, all affiliated with Kislak. Their involvement highlights the collaborative effort in facilitating this real estate transaction.

Players

Jeff Squires
Kislak
Jeff Squires
17 deals$280.4M volume
BROKER
Joni Sweetwood
Kislak
Joni Sweetwood
31 deals$420.4M volume
BROKER
Robert Holland
Kislak
Robert Holland
12 deals$158.1M volume
BROKER

Details

SOLD
IMAGE: Robert Holland, Jeff Squires & Joni Sweetwood DATE: 03/17/2025 ADDRESS: 26 Locust Drive MARKET: Summit ASSET TYPE: Multifamily BUYER'S REP: Joni Sweetwood - Kislak (@KislakCompany) SELLER'S REP: Robert Holland (@RobertHolland925) & Jeff Squires (@JeffreyCraig80) - Kislak (@KislakCompany) SALE PRICE: $22,150,000 UNITS: 57 ~ PPU: $388,596

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,181,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$78,694.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$105,002.30
Annual Debt Service$1,260,027.60