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Cervelli Real Estate Sells West New York Multifamily For $3.95M

Property Image
SOLD
$3,950,000

New Jersey

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MultiFamily
Sold 05/22/2024
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Property Image
SOLD

Cervelli Real Estate Sells West New York Multifamily For $3.95M

5401 Palisade Avenue

See Similar Deals
MultiFamily
Sold 05/22/2024
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

A 28-unit apartment building located at 5401 Palisade Avenue in West New York was recently sold for $3.95 million. The property is situated just blocks away from the Hudson-Bergen Light Rail’s Bergenline Avenue station, offering a convenient location for residents.

Summary of transaction details:

The sale of this multifamily property was facilitated by Michael Cervelli of Cervelli Real Estate and Property Management. The deal attracted significant interest, with 45 offers received through a strategic marketing effort. Principal Michael Cervelli noted that the property presented a considerable upside potential for the new owners.

Players

Michael Cervelli
Cervelli Real Estate & Property Management
Michael Cervelli
2 deals$5.1M volume
BROKER

Details

SOLD
IMAGE: Michael Cervelli DATE: 05/22/2024 ADDRESS: 5401 Palisade Avenue MARKET: West New York ASSET TYPE: Multifamily BROKER: Michael Cervelli - Cervelli Real Estate & Property Management SALE PRICE: $3,950,000 UNITS: 28 ~ PPU: $141,071 NOTE: A 28-unit apartment building in West New York was sold for $3.95 million in a deal facilitated by Cervelli Real Estate and Property Management, which garnered 45 offers through a marketing effort. The property at 5401 Palisade Ave., just blocks from the Hudson-Bergen Light Rail’s Bergenline Avenue station, presented a significant opportunity for upside, according to firm Principal Michael Cervelli.

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

$210,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$14,033.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,725.02
Annual Debt Service$224,700.18