Mack-Cali Realty Corp. Sells 200-Unit Multifamily Portfolio In New Brunswick For $47M
SOLD
$47,000,000
New Jersey
See Similar DealsMultiFamily31,404 SF
Sold 01/06/2021
SOLD
Mack-Cali Realty Corp. Sells 200-Unit Multifamily Portfolio In New Brunswick For $47M
5 Dennis Street, New Brunswick, NJ, USA
See Similar DealsMultiFamily31,404 SF
Sold 01/06/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$1,496
Total Square Footage:31,404 SF
Transaction Type:Sale
The multifamily property located at 5 Dennis Street, 10 Dennis Street, and 100 Hiram Square in New Brunswick has been sold for a total price of $47,000,000. The sale took place on January 6, 2021. The property consists of 200 units, with an average price per unit (PPU) of $235,000.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $47,000,000
- Market: New Brunswick
- Seller: Mack-Cali Realty Corp. - MaryAnne Gilmartin
- Units: 200
- Price Per Unit: $235,000
MaryAnne Gilmartin, representing Mack-Cali Realty Corp., served as the seller in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,506,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$166,981.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$222,803.98
Annual Debt Service$2,673,647.74
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