Peter Kopels Sells 29-Unit Multifamily Property At 577-581 Kearny Avenue For $4.135M

A multifamily mixed-use property was sold at 577-581 Kearny Avenue in Kearny, NJ. The transaction closed for $4,135,000, encompassing 29 units and a total square footage of 31,000, resulting in a price per unit of $142,586 and a price per square foot of $133.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,135,000
• Units: 29
• Square Footage: 31,000
• Price Per Unit: $142,586
• Price Per Square Foot: $133
• Cap Rate: 3.12%
• Seller: Peter Kopels
• Broker: Casey Egan - Ripco

Casey Egan and RIPCO Real Estate facilitated the transaction, representing both the buyer and the seller. The sale was achieved through an exclusive marketing process that generated multiple offers. The only contingency for the closing was the seller delivering clear title, indicating the building presented various challenges before completion.