Updated Dec 4, 2024
Kislak Acquires 29-Unit Luxury Multifamily Development In Morristown, NJ For $6.8M
68 Ridgedale Avenue & 74 Ridgedale Avenue
$6,800,000
Units
29
Asset Type
MultiFamily
Closing
Dec 22, 2023
About this deal
AI
This is a 29-unit mid-construction luxury multifamily development located at 68–74 Ridgedale Avenue in Morristown, NJ. The property was sold for $6,800,000, with a per-unit price of $234,483.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,800,000
- Units: 29
- Price Per Unit: $234,483
- Broker: Joseph Keenan - Kislak
The mid-construction luxury multifamily development was sold in Morristown, NJ. Joseph Keenan from Kislak represented the parties involved in the transaction.
The multifamily sale at 68 Ridgedale Avenue in Morristown, New Jersey sold for $6.8M in 2023. Reported inventory is 29 units across 29 units. Joseph Keenan, Kislak appear on the sale alongside Kislak. This page is the Morristown, New Jersey file for the 68 Ridgedale Avenue multifamily sold: pricing, party profiles, and other closed multifamily comps from the same Morristown sit in the Market section below. Filter that Morristown multifamily set by closing date to see what else sold near 68 Ridgedale Avenue around 2023. Published consideration for 68 Ridgedale Avenue is $6.8M, dated 2023. Cite this Kislak Acquires 29-Unit Luxury Multifamily Development In Morristown, NJ For $6.8M sale when underwriting similar multifamily product around Morristown, New Jersey.
On the Map
$6,800,000
MultiFamily
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Morristown MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.33%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93