373 Danforth LLC Acquires Multifamily Property In Jersey City For $6.25M
SOLD
$6,250,000
New Jersey
See Similar DealsMultiFamily10,000 SF
Sold 10/15/2021
SOLD
373 Danforth LLC Acquires Multifamily Property In Jersey City For $6.25M
373-377 Danforth Ave, Jersey City, NJ, USA
See Similar DealsMultiFamily10,000 SF
Sold 10/15/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$625
Total Square Footage:10,000 SF
Transaction Type:Sale
The multifamily property located at 373-377 Danforth Ave in Jersey City, NJ was recently sold. The sale was completed on October 15, 2021. The property, which spans 10,000 square feet, consists of 26 units. The sale price for the property was $6,250,000, resulting in a price per unit of $240,385. The price per square foot was $625.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,250,000
- Units: 26
- Price per Unit: $240,385
- Square Footage: 10,000
- Price per Square Foot: $625
- Market: Jersey City, NJ
The buyer of the property was 373 Danforth LLC, while the seller was 22 Fleet LLC. The deal was facilitated by Minni Chalana from The Chalana Group, acting as the broker for both the buyer and seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$22,204.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,628.19
Annual Debt Service$355,538.26
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