Diversified Properties LLC Sells East Rutherford Multifamily For $11.6M
SOLD
$11,600,000
New Jersey
See Similar DealsMultiFamily36,154 SF
Sold 09/28/2021
SOLD
Diversified Properties LLC Sells East Rutherford Multifamily For $11.6M
480 Paterson Avenue, East Rutherford, NJ 07073, USA
See Similar DealsMultiFamily36,154 SF
Sold 09/28/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$320
Total Square Footage:36,154 SF
Transaction Type:Sale
Located at 480 Paterson Ave in East Rutherford, this multifamily property was recently sold in a closed transaction. The sale was facilitated by Ken Uranowitz and Debbie Pomerantz from Gebroe-Hammer Associates on behalf of the seller, Diversified Properties LLC - Nicholas Minoia and North Jersey Builders LLC.
Summary of transaction details:
- Property Type: Multifamily
- Sale Price: $11,600,000
- Units: 35
- Price per Unit (PPU): $331,429
- Market: East Rutherford
- Seller: Diversified Properties LLC - Nicholas Minoia; North Jersey Builders LLC
- Brokers: Ken Uranowitz & Debbie Pomerantz - Gebroe-Hammer Associates
This transaction marks a significant sale in East Rutherford. The property consists of 35 units, with a sale price of $11,600,000, translating to a price per unit of $331,429. Ken Uranowitz and Debbie Pomerantz from Gebroe-Hammer Associates represented the seller, Diversified Properties LLC - Nicholas Minoia and North Jersey Builders LLC, in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$618,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,212.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$54,989.92
Annual Debt Service$659,879.02
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