Luis Sanchez Purchases Multifamily Property At 566 Newark Avenue Jersey City For $2.5M
SOLD
$2,500,000
New Jersey
See Similar DealsMultiFamily16,000 SF
Sold 11/26/2024
SOLD
Luis Sanchez Purchases Multifamily Property At 566 Newark Avenue Jersey City For $2.5M
566 Newark Avenue
See Similar DealsMultiFamily16,000 SF
Sold 11/26/2024
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$156
Total Square Footage:16,000 SF
Transaction Type:Sale
The property involved in this transaction is a multifamily asset located at 566 Newark Avenue in Jersey City, featuring 12 units. The total sale price was $2,500,000 with a price per unit of $208,333. The building comprises a total square footage of 16,000, resulting in a price per square foot of $156.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,500,000
- Units: 12
- Square Feet: 16,000
- Price Per Unit: $208,333
- Price Per Square Foot: $156
- Buyer: Luis Sanchez
- Seller: George Strates
- Broker: Robert Antonicello Jr. - Grid Real Estate
The transaction was facilitated by Robert Antonicello Jr. of Grid Real Estate, representing the parties involved. This deal reflects the active multifamily market in Jersey City, with specific interest in properties of this size and value.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$8,881.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,851.28
Annual Debt Service$142,215.31
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