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:
- Property Type: Multifamily
- Transaction Amount: $4,800,000
- Units: 36
- Price per Unit: $133,333
- Square Footage: 36,000
- Price per Square Foot: $133
- Market: Elizabeth, NJ
- Brokers: Nat Gambuzza, Nick Balancia, Trevor Fiebel & Timothy Blashford - Berkadia
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
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