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355 Plainfield Ave Edison, ...

Isaac Sebbag's Golden Sky Equities Acquires MultiFamily Portfolio In Middlesex County For $9.7M
SOLDMultiFamily

Isaac Sebbag's Golden Sky Equities Acquires MultiFamily Portfolio In Middlesex County For $9.7M

355 Plainfield Ave Edison, NJ 08817, USA

$9,720,000

$211/SF

Building Size

46,000 SF

Asset Type

MultiFamily

Closing

May 31, 2023

AI

The transaction involves a multi-family asset located at 355 Plainfield Avenue, 7-11 Byron St & 154 Macurther Ave in Middlesex County, which consists of three value-add buildings. The total sale price for this portfolio amounts to $9,720,000, with 56 units available, resulting in a price per unit of $173,571. The total square footage of the properties is 46,000, translating to a price per square foot of $211.

Summary of transaction details:

Golden Sky Equities secured this off-market deal with a strategic focus on purchasing multifamily and mixed-use properties across New Jersey and Pennsylvania, taking advantage of current market conditions. This acquisition reflects their ongoing efforts to enhance their portfolio in the region.

Players

Jonathan Hasten

Broker

$11.3M

vol

2 deals

Broker
Isaac Sebbag

Isaac Sebbag

Golden Sky Equities

Buyer

$29.7M

vol

8 deals

Buyer
GE
Golden Sky EquitiesBuyer

New Jersey 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

1.63%

Cash-on-Cash

-0.47%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93