Berkadia Brokers Close $4.25M Sale Of 23-Unit Multifamily Property In Belleville, NJ

A 23-unit multifamily property located at 360 Washington Ave in Belleville, New Jersey has been sold for a price of $4,250,000. The property is situated in Essex County and occupies a prime location along the main thoroughfare in Belleville. Spanning across three floors, the building consists of all one-bedroom units. Additionally, the basement houses two units and a laundry facility accessible to all tenants. The property features parking spaces for over 34 cars, with access from both Washington Avenue and Valley Street. This transaction presents a valuable value-add opportunity, as current rents are more than 25% below market rates.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,250,000
• Units: 23
• Price per Unit: $184,783
• Square footage: 25,000
• Price per Square Foot: $170

Nat Gambuzza and Tim Blashford of Berkadia represented the buyer in this transaction. Their partnership with Trevor Fiebel, Brian Antognini, Spencer Beriont, and Michael O'Rielly ensured a successful deal completion. The buyer's motivation for acquiring this property stemmed from the desire to enhance their existing portfolio through economies of scale. The deal highlights the buyer's strategic investment approach and effective utilization of value-add opportunities.