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Suraj Sharma Sells Multifamily Building In Jersey City For $1.57M

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SOLD
$1,575,000

New Jersey

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MultiFamily3,960 SF
Sold 07/12/2024
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Property Image
SOLD

Suraj Sharma Sells Multifamily Building In Jersey City For $1.57M

664 Ocean Avenue

See Similar Deals
MultiFamily3,960 SF
Sold 07/12/2024
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Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$397
Total Square Footage:3,960 SF
Transaction Type:Sale

The property at 664 Ocean Avenue in Jersey City is a Multifamily (6 Family Residential Building) with a total of 6 units spanning 3,960 square feet. The transaction took place on 07/12/2024, with the property being sold for $1,575,000. This equates to a price per unit of $262,500 and a price per square foot of $398.

Summary of transaction details:

  • Property Type: Multifamily (6 Family Residential Building)
  • Transaction Amount: $1,575,000
  • Units: 6
  • Square Footage: 3,960
  • Address: 664 Ocean Avenue
  • Market: Jersey City
  • Broker: Suraj Sharma - Keller Williams
  • Price per Unit: $262,500
  • Price per Square Foot: $398

Suraj Sharma from Keller Williams represented the involved parties in the sale of the property, showcasing expertise in facilitating real estate transactions in the Jersey City market.

Players

Suraj Sharma
1 deal$1.6M volume(646) 477-5862
BROKER

Details

SOLD
IMAGE: Suraj Sharma DATE: 07/12/2024 ADDRESS: 664 Ocean Avenue MARKET: Jersey City ASSET TYPE: Multifamily (6 Family Residential Building) BROKER: Suraj Sharma (@Surajsellsnj) - Keller Williams (@KellerWilliamsRealty) SALE PRICE: $1,575,000 UNITS: 6 ~ PPU: $262,500 SF: 3,960 ~ PPSF: $398

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$84,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$5,595.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,466.30
Annual Debt Service$89,595.64