Eugene Goldman Acquires Newark Multifamily For $3.2M With Brokers Ron Cohen & Paul Nigido

The multifamily property located at 573-575 Mt. Prospect Avenue in Newark, NJ has been sold for a total of $3,200,000. The transaction took place on January 28, 2022. The property consists of 27 units, resulting in an average price per unit of $118,519. This sale was facilitated by brokers Ron Cohen and Paul Nigido from Besen Partners. The buyer in this transaction was Eugene Goldman.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,200,000
• Date: 01/28/2022
• Address: 573-575 Mt. Prospect Avenue, Newark, NJ
• Market: Newark, NJ
• Units: 27
• Price Per Unit: $118,519

The subject property, situated in the Forest Hill section of Newark, NJ, was sold after being owned for a long period of time. The price metrics for this transaction resulted in an 8.2 Gross Rent Multiplier (GRM) and a 5.3% capitalization rate (cap rate). This sale showcases the continued growth and demand in the rapidly expanding Forest Hill area.