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Joseph Guerriero Of Keller Williams By The Bay Closes $1.2M Multifamily Deal In Newark

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SOLD
$1,200,000

New Jersey

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MultiFamily
Sold 05/15/2024
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Property Image
SOLD

Joseph Guerriero Of Keller Williams By The Bay Closes $1.2M Multifamily Deal In Newark

27-29 Main Street

See Similar Deals
MultiFamily
Sold 05/15/2024
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

The sale involved two buildings located at 27-29 Main Street in Newark's Ironbound section. The properties consist of a triplex with three 2-bedroom units and an additional finished basement unit, as well as a modern single-family home. The total sale price for this multifamily asset was $1,200,000, offering an investment opportunity in a sought-after neighborhood with ample parking space and convenient amenities.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,200,000
  • Units: 3
  • Price per Unit: $400,000
  • Address: 27-29 Main Street
  • Market: Newark

Joseph Guerriero from Keller Williams By the Bay represented the parties involved in this property transaction. His expertise and guidance facilitated the successful sale of the two buildings, highlighting his commitment to securing favorable deals for his clients.

Players

Joseph Guerriero
1 deal$1.2M volume(718) 954-6585
BROKER

Details

SOLD
IMAGE: Joseph Guerriero DATE: 05/15/2024 ADDRESS: 27-29 Main Street MARKET: Newark ASSET TYPE: Multifamily BROKER: Joseph Guerriero (@Joseph.Guerriero.1) - Keller Williams By the Bay (@KellerWilliamsRealty) SALE PRICE: $1,200,000 UNITS: 3 ~ PPU: $400,000 NOTE: Two buildings in Newark's Ironbound section, offering a triplex with three 2-bedroom units plus an additional finished basement unit, along with a modern single-family home, have sold for $1,200,000. The properties present a unique investment opportunity with ample parking space and convenient amenities, promising both rental income potential and a lifestyle upgrade in a sought-after neighborhood.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,263.34
Cash-on-Cash Return-1.27%
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