Isidoro Mora Acquires 14-Unit Multifamily Property In Paterson For $1.65M With Casey Egan As The Broker

A 14-unit multifamily property located at 520-526 East 39th Street in Paterson, New Jersey, has been sold for $1,650,000. The asset spans a total of 7,584 square feet and has an average price per unit of $117,857, translating to a price per square foot of $217. The property is situated in Passaic County, conveniently located just off of route 80.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,650,000
• Units: 14
• Price Per Unit: $117,857
• Total Square Feet: 7,584
• Price Per Square Foot: $217
• Buyer: Isidoro Mora
• Seller: Jeremy Geller & Pat Zamito
• Broker: Casey Egan - Ripco
• Cap Rate: 4.69%

Casey Egan from Ripco represented the seller in this transaction, successfully procuring multiple offers through an exclusive marketing process. The property attracted buyers due to its substantial upside in rental income and the availability of on-site parking.