Updated Oct 28, 2024
Landmark Partners Acquires Multifamily Property In Netcong, Morris County For $44.5M
34 Bank Street, Morristown, New Jersey 07960, United States
$44,500,000
$353/SF
Building Size
125,911 SF
Asset Type
MultiFamily
Closing
Apr 14, 2022
About this deal
AI
The multifamily property located at 34 Bank St in Netcong, Morris County, was recently sold in a transaction recorded on 04/15/2022. The property, consisting of 126 units, was sold by CrownPointe Development Group to Landmark Partners for a total sale price of $44,500,000. With a price per unit of $353,175, the property spans over an area of 125,911 square feet, resulting in a price per square foot of $353.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $44,500,000
- Units: 126
- Price Per Unit: $353,175
- Square Footage: 125,911
- Price Per Square Foot: $353
- Address: 34 Bank St, Netcong, Morris County
The sale transaction was facilitated by Cushman & Wakefield, with Brian Whitmer, Nico Nicolaou, Ryan Dowd, and Will Gerlin representing both the buyer, Landmark Partners, and the seller, CrownPointe Development Group.
Players
Morristown 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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93