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566 Newark Avenue

Updated Dec 4, 2024

Luis Sanchez Purchases Multifamily Property At 566 Newark Avenue Jersey City For $2.5M
SOLDMultiFamily

Luis Sanchez Purchases Multifamily Property At 566 Newark Avenue Jersey City For $2.5M

566 Newark Avenue

$2,500,000

$156/SF

Building Size

16,000 SF

Asset Type

MultiFamily

Closing

Nov 26, 2024

About this deal

AI

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.

On the Map

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$2,500,000

$156/SF

MultiFamily

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Players

Bobby Antonicello Jr., CCIM

Grid Real Estate

Broker

$285.6M

vol

24 deals

Broker

Jersey City MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $156 per square foot on a published $2.5M for 16,000 square feet (2024).

Visit Bobby Antonicello Jr., CCIM to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

6.35%

Cash-on-Cash

-1.81%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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