Berkadia Brokers Close $3.15M Sale Of Newark Multifamily Property

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.