$7.9M MultiFamily Sale On 550 Springfield Ave In Newark By Michael Salomon

The portfolio involved in this transaction is a four-building, 56-unit multifamily property located at 550 Springfield Ave, Newark, NJ, 07103. The sale price for this asset was $7,900,000.00, with the largest properties being a 20-unit building at 981-983 18th Ave, a 17-unit structure at 611 Clinton Ave, 13 units at 969-971 18th Ave, and six units with two retail spaces at the mentioned address.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $7,900,000.00
• Seller's Representative: Michael Salomon (Kislak)
• Buyer: Unknown

In this transaction, The Kislak Co. Inc facilitated the deal for the sale of the multifamily property. The seller was represented by Michael Salomon from Kislak. The buyer in this transaction remains undisclosed. The properties within the portfolio are multistory brick apartment buildings, offering renovated kitchens with stainless steel appliances, new cabinetry, countertops, and flooring. They are located close to parks, cultural centers, educational institutions, retail options, and major highways such as the Garden State Parkway and Interstate 78.