The property located at 260 Park Street in Montclair is a multifamily asset consisting of two large units with a total of nine bedrooms. The property spans 0.28 acres, with a sale price of $1,275,000, which translates to a per unit price of $637,500. Each unit is currently leased at $2,900 and $3,785 per month, and the property boasts over 16 parking spaces and a garage. It offers development potential with "Neighborhood Commercial Zoning" allowing for up to 28 units per acre.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,275,000
• Address: 260 Park Street
• Market: Montclair
• Acres: 0.28
• Units: 2
• PPU: $637,500
• Leases: $2,900 and $3,785 per month
• Parking: Over 16 spaces
• Broker: Pierce Conway - Compass

Pierce Conway from Compass represented the sale of the multifamily property. The transaction highlights the demand for residential units in Montclair, as well as the potential for further development given the property’s zoning classification.