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Jin Sung Lee & Brian S. Kim Of Proper Estates Represent Buyer In Edgewater Multifamily Sale For $1.25M

Property Image
SOLD
$1,250,000
Darren Giordano
Brian S. Kim
Jin Sung Lee

New Jersey

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MultiFamily
Sold 09/18/2024
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Property Image
SOLD

Jin Sung Lee & Brian S. Kim Of Proper Estates Represent Buyer In Edgewater Multifamily Sale For $1.25M

358-360 Undercliff Avenue

See Similar Deals
MultiFamily
Sold 09/18/2024
Darren Giordano
Brian S. Kim
Jin Sung Lee
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

A two-family investment property at 358-360 Undercliff Avenue in Edgewater has been sold for $1,250,000, reflecting a price per unit of $625,000. This multifamily asset comprises two units, each featuring three bedrooms and one bathroom. The property has undergone recent renovations and has the potential to generate over $7,000 in monthly rent. Additionally, the buyer has the option to assume the seller's mortgage at a low 2.5% interest rate.

Summary of transaction details:

Jin Sung Lee and Brian S. Kim represented the buyer in this transaction, while Darren Giordano represented the seller. Their involvement facilitated the successful closing of the deal in the Edgewater market.

Players

Brian S. Kim
Proper Estates
Brian S. Kim
4 deals$7.9M volume
BROKER
Darren Giordano
EXP Realty
Darren Giordano
2 deals$2.3M volume(973) 310-5384
BROKER
Jin Sung Lee
Proper Estates
Jin Sung Lee
2 deals$3.4M volume(917) 561-6916
BROKER

Details

SOLD
IMAGE: Jin Sung Lee, Brian S. Kim & Darren Giordano DATE: 09/18/2024 ADDRESS: 358-360 Undercliff Avenue MARKET: Edgewater ASSET TYPE: Multifamily BUYER'S REP: Jin Sung Lee & Brian S. Kim (@Brian__Kim)- Proper Estates SELLER'S REP: Darren Giordano (@Darren.northjerseygroup) - EXP Realty (@ExpRealty_) SALE PRICE: $1,250,000 UNITS: 2 ~ PPU: $625,000 NOTE: A two-family investment property at 358-360 Undercliff Avenue in Edgewater sold for $1,250,000, representing a price per unit of $625,000. Each unit features three bedrooms and one bathroom, with recent renovations and the potential to generate over $7,000 in monthly rent; the buyer also has the option to assume the seller's mortgage at a low 2.5% rate.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$66,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,440.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,925.64
Annual Debt Service$71,107.65