Updated Mar 6, 2026
David Jarvis & David Oropeza Of ICON Real Estate Advisors Sell 31-Unit Multifamily Property For $11.2M
49 South Passaic Avenue
$11,200,000
Units
31
Asset Type
MultiFamily
Closing
Mar 2, 2026
About this deal
AI
The asset involved in this transaction is a 31-unit renovated multifamily property located at 49 South Passaic Avenue in Chatham, New Jersey. This property, known as Chatham Arms, was sold for $11,200,000, resulting in a price per unit of $361,290. The transaction highlights the value of the multifamily market in Chatham.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,200,000
- Units: 31
- Price Per Unit: $361,290
- Market: Chatham
This transaction was facilitated by managing partners David Oropeza and David Jarvis from ICON Real Estate Advisors. The sale was marketed and placed under contract in approximately 30 days, indicating a robust demand for renovated multifamily properties in North Jersey.
On the Map
$11,200,000
MultiFamily
View full map
Players
Chatham MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Deal FAQ
Visit David Oropeza to view all their deals.
Browse Chatham multifamily sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.42%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93