47 Union Street is a pre-war multifamily building located in Montclair, N.J. The property consists of 25 units and was sold for $7,570,000, equivalent to $302,800 per unit. At the time of the sale, the occupancy rate was 96%, and the transaction reflected a cap rate of 5.92%. The seller had acquired the asset in 2018 and had increased its value through renovations.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $7,570,000
• Units: 25
• Price Per Unit: $302,800
• Cap Rate: 5.92%
• Occupancy Rate at Sale: 96%

The transaction involved brokers Nat Gambuzza and Tim Blashford, representing Berkadia. Their efforts focused on showcasing the demand for well-located, upgraded multifamily assets within the Montclair market.