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32-44 Stiles Street

Berkadia Brokers Facilitate $4.8M Sale Of Multifamily Property In Elizabeth, NJ
SOLDMultiFamily

Berkadia Brokers Facilitate $4.8M Sale Of Multifamily Property In Elizabeth, NJ

32-44 Stiles Street

$4,800,000

$133/SF

Building Size

36,000 SF

Asset Type

MultiFamily

Closing

Mar 21, 2024

AI

The Marlaw Apartments, a 36-unit garden-style multifamily property located at 32-44 Stiles Street in Elizabeth, New Jersey, was sold for $4.8 million at a 4.9 percent cap rate. The property spans 36,000 square feet, translating to a per unit price of $133,333 and a price per square foot of $133.

Summary of transaction details:

The sale of Marlaw Apartments was facilitated by Senior Managing Director Nat Gambuzza, Senior Director Trevor Fiebel, Director Tim Blashford, and Nick Balancia Associate Director of Berkadia New Jersey on behalf of both the seller and purchaser. At the time of the transaction, the property was fully occupied, further emphasizing its appeal and value in the market.

Players

Nat Gambuzza

Berkadia

Broker

$917.5M

vol

74 deals

Broker

Elizabeth 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

3.30%

Cash-on-Cash

-0.94%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93