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Gilsenan & Company Acquires Palisades Park Multifamily For $2.4M

Property Image
SOLD
$2,400,000
Brian Kim
Kathleen McCormack

New Jersey

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MultiFamily
Sold
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Property Image
SOLD

Gilsenan & Company Acquires Palisades Park Multifamily For $2.4M

51 East Homestead Avenue

See Similar Deals
MultiFamily
Sold
Brian Kim
Kathleen McCormack
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

A modern two-family duplex located at 51 East Homestead Avenue in Palisades Park has been sold for $2,400,000. The property features a stucco exterior and includes 6 bedrooms, 8 full baths, and 2 half baths. Each unit comes with a 2-car garage, spacious living areas, and en suite bedrooms.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $2,400,000
  • Address: 51 East Homestead Avenue
  • Market: Palisades Park

This sale was facilitated by Kathleen McCormack of Gilsenan & Company, representing the buyer, and Brian Kim of Proper Estates, Inc., representing the seller.

Players

Brian Kim
Proper Estates
Brian Kim
4 deals$10M volume
BROKER
Kathleen McCormack
Gilsenan & Company
Kathleen McCormack
1 deal$2.4M volume(201) 414-4750
BROKER

Details

SOLD
IMAGE: Kathleen McCormack & Brian Kim DATE: 07/12/2023 ADDRESS: 51 East Homestead Avenue MARKET: Palisades Park ASSET TYPE: Multifamily BUYER'S REP: Kathleen McCormack - Gilsenan & Company (@Gilsenan_and_Company) SELLER'S REP: Brian Kim - Proper Estates, Inc. SALE PRICE: $2,400,000 NOTE: C & G developers and designer Nicole Gioffre introduce a modern two-family duplex with 6 bedrooms, 8 full baths, and 2 half baths. The stucco units feature 2-car garages, living spaces, and en suite bedrooms.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$127,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$8,526.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,377.22
Annual Debt Service$136,526.69