Edison Multifamily Property Sold For $3.65M With Berkadia Representing Seller And Buyer

A multifamily property located at 355 Plainfield Avenue in Edison, New Jersey, has been sold for a transaction amount of $3,650,000. The asset comprises 18 units, offering a total square footage of 20,000, which equates to a price per unit of $202,777 and a price per square foot of $182. This property is conveniently situated steps from the Edison Train Station, providing exceptional transit access.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $3,650,000
• Units: 18
• Price Per Unit: $202,777
• Total Square Footage: 20,000
• Price Per Square Foot: $182
• Market: Edison
• Brokers: Nat Gambuzza, Trevor Fiebel & Nick Balancia - Berkadia

Nat Gambuzza, Trevor Fiebel, and Nick Balancia represented the seller and procured the 1031 buyer in this transaction. The Berkadia NJ Investment Sales team conducted a tailored marketing process aligned with the seller's objectives, successfully attracting a buyer interested in expanding operational efficiencies to their existing portfolio in Middlesex and Somerset counties. The buyer recognizes the property’s value-add potential, noting that in-place rents are 14% below market rates.