Updated Dec 21, 2023
Century 21 Proferred Realty Represents Seller In $700,000 Sale Of Multifamily Property In Newark, NJ
295 Fairmount Avenue, Newark, NJ 07103
$700,000
$148/SF
Building Size
4,700 SF
Asset Type
MultiFamily
Closing
Jul 26, 2020
About this deal
AI
The multifamily property located at 295 Fairmount Ave in Newark, NJ was recently sold. The sale took place on 07/26/2021. The property consists of 6 units with a total square footage of 4,700. The asking price for the property was $749,000, and it was sold for $700,000, resulting in a price per unit (PPU) of $116,667. The price per square foot (PPSF) was $149. The property has a capitalization rate (CAP) of 7%.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $700,000
- Units: 6
- Total Square Footage: 4,700
- Price per Unit (PPU): $116,667
- Price per Square Foot (PPSF): $149
- Capitalization Rate (CAP): 7%
- Address: 295 Fairmount Ave, Newark, NJ
- Market: Newark, NJ
The sale of the property was handled by Diane Rivera from Century 21 Proferred Realty. She represented the seller in the transaction.
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
22.66%
Cash-on-Cash
-6.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93