Berkadia Represents Buyer And Seller In $4.3M Sale Of Newark Multifamily Property

A 33-unit multifamily property located at 73-81 North 7th Street in Newark, New Jersey has been sold for a price of $4,300,000. The property, situated in the North Ward section of Newark within Essex County, spans an area of 35,000 square feet. The sale price per unit is approximately $130,303, while the price per square foot is around $123.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $4,300,000
• Units: 33
• Price per Unit: $130,303
• Square Footage: 35,000
• Price per Square Foot: $123
• Address: 73-81 North 7th Street, Newark, New Jersey
• Market: Newark

Nat Gambuzza and Timothy Blashford, representing Berkadia, facilitated the transaction as the brokers for both the buyer and seller. The buyer was attracted to the property due to its potential for portfolio expansion within the area. Their strategy involves implementing renovations in the remaining unrenovated units and improving the building's common areas, providing added value to the asset.