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Multifamily Property At 366 Prospect Street Sold For $3.5M In Long Branch

Property Image
SOLD
$3,500,000

New Jersey

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MultiFamily25,000 SF
Sold 09/05/2024
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Property Image
SOLD

Multifamily Property At 366 Prospect Street Sold For $3.5M In Long Branch

366 Prospect Street

See Similar Deals
MultiFamily25,000 SF
Sold 09/05/2024
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$140
Total Square Footage:25,000 SF
Transaction Type:Sale

The property asset involved in the transaction is a multifamily building located at 366 Prospect Street in Long Branch. It consists of 18 units and was sold for $3,500,000, resulting in a per unit price of $194,444.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,500,000
  • Units: 18
  • Price Per Unit: $194,444
  • Broker: Daniel Lanni - Kislak
  • Sale Date: 09/05/2024

Daniel Lanni from Kislak represented the seller in this transaction. The deal concluded successfully, reflecting the dynamics of the Long Branch market.

Players

Daniel Lanni
Kislak
Daniel Lanni
36 deals$182.6M volume(908) 692-7633
BROKER

Details

SOLD
IMAGE: Daniel Lanni DATE: 09/05/2024 ADDRESS: 366 Prospect Street MARKET: Long Branch ASSET TYPE: Multifamily BROKER: Daniel Lanni (@DLanni_) - Kislak (@KislakCompany) SALE PRICE: $3,500,000 UNITS: 18 ~ PPU: $194,444

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

$186,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$12,434.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,591.79
Annual Debt Service$199,101.43