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:
- Property Type: MultiFamily
- Transaction Amount: $9,720,000
- Units: 56
- Price Per Unit: $173,571
- Square Footage: 46,000
- Price Per Square Foot: $211
- Buyer: Isaac Sebbag - Golden Sky Equities
- Brokers: Joseph Gehler - Gebroe-Hammer Associates; Jonathan Hasten - Brook Hollow Capital
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
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