Berkadia Closes $9.3M Multifamily Sale In Clinton, New Jersey With 35 Units
67 Halstead Street
$9,300,000
$265/SF
Building Size
35,000 SF
Asset Type
MultiFamily
Closing
Mar 26, 2024
AI
The multifamily asset located at 67 Halstead Street in Clinton, New Jersey was sold for $9,300,000. The property comprises 35 units spread across 35,000 square feet. Each unit was sold at an average price of $265,714 per unit, with a price per square foot of $266.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,300,000
- Units: 35
- Square Footage: 35,000
- Address: 67 Halstead Street
- Market: Clinton, New Jersey
The sale of Halstead Place was facilitated by Nat Gambuzza, Trevor Fiebel, Matt Stefanski, Zac Pierce, and Maura Spellman of Berkadia. This boutique apartment community featured amenities such as a gym, yoga studio, grill area, and storage lockers. Additionally, 20% of the apartments had COAH designation. The buyer was particularly attracted to the property's quality, spacious floor plans, and the potential for expense reductions under new management.
Players
Clinton MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.71%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93