Berkadia Brokers Close $3.15M Sale Of Newark Multifamily Property | 47-53 Milford Avenue | Timothy (Tim) Blashford, Nat Gambuzza | MultiFamily | Sale

Summary

Sale

NEW JERSEY

MultiFamily

20,000 sqft

An 18-unit multifamily property located at 47-53 Milford Avenue in Newark, New Jersey has been sold for a price of $3,150,000. The property, situated in the Clinton Hill area of the South Ward in Essex County, spans 20,000 square feet. The sale price per unit stands at $175,000, while the price per square foot is $158.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $3,150,000
Address: 47-53 Milford Avenue, Newark, New Jersey
Market: Newark
Units: 18

Nat Gambuzza and Timothy Blashford from Berkadia brokered the deal for this property. Berkadia listed the property exclusively and successfully attracted the buyer through its marketing efforts. The buyer was interested in adding scale to their portfolio in the area and plans to implement a value-add strategy. This includes renovating the remaining unrenovated units and the building's common areas.

Players

All
3

Agents
2
Agencies
1

Timothy (Tim) Blashford

Director

$266.8M Sold

Nat Gambuzza

Senior Vice President

$480.5M Sold

Berkadia

Details

Deal Summary

SOLD

IMAGE: Nat Gambuzza & Timothy Blashford DATE: 11/22/2023 ADDRESS: 47-53 Milford Avenue MARKET: Newark ASSET TYPE: Multifamily BROKERS: Nat Gambuzza & Timothy Blashford (@TimBlashford) - Berkadia (@Berkadia) SALE PRICE: $3,150,000 UNITS: 18 ~ PPU: $175,000 SF: 20,000 ~ PPSF: $158 NOTE FROM BROKERS: Nat Gambuzza and Tim Blashford are pleased to announce the closing of an 18-unit multifamily property in Newark, New Jersey. The property, located in Essex County, is in the Clinton Hill area of the South Ward. Berkadia exclusively listed the property and through its marketing efforts procured the buyer. The buyer was attracted to this asset to add scale to their portfolio in the area. They have plans to implement a value-add strategy by renovating the remaining unrenovated units and the building’s common areas.

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Address47-53 Milford Avenue

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