Kislak Acquires 29-Unit Luxury Multifamily Development In Morristown, NJ For $6.8M
68 Ridgedale Avenue & 74 Ridgedale Avenue
$6,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Dec 22, 2023
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.
Players
Morristown 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
2.33%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93