Solomon Halberstam & Bernard Itzkowitz Of Capital Realty Sell Multifamily Property In Jersey City For $1.8M
SOLD
$1,800,000
New Jersey
See Similar DealsMultiFamily7,474 SF
Sold 06/16/2022
SOLD
Solomon Halberstam & Bernard Itzkowitz Of Capital Realty Sell Multifamily Property In Jersey City For $1.8M
431 Martin Luther King Jr Drive, Jersey City, New Jersey 07304, United States
See Similar DealsMultiFamily7,474 SF
Sold 06/16/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$240
Total Square Footage:7,474 SF
Transaction Type:Sale
A multifamily property located at 431 Martin Luther King & 316 Forrest St in Jersey City has been sold for a price of $1,800,000. The property consists of 8 units, with a price per unit of $225,000. The total square footage of the property is 7,474, with a price per square foot of $241.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,800,000
- Units: 8
- Price per Unit: $225,000
- Square Footage: 7,474
- Price per Square Foot: $241
- Address: 431 Martin Luther King & 316 Forrest St, Jersey City
The sale of this property was facilitated by Solomon Halberstam & Bernard Itzkowitz from Capital Realty. In addition to the existing building, which has 6 residential units and 2 commercial units, 316 Forrest St is a development site with approvals for a 23 unit luxury building.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$96,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,395.02
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,532.92
Annual Debt Service$102,395.02
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