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Marcus & Millichap Sells Paterson Multifamily Portfolio For $2.9M
SOLD
$2,902,500
New Jersey
See Similar DealsMultiFamily
Sold 07/25/2023
SOLD
Marcus & Millichap Sells Paterson Multifamily Portfolio For $2.9M
773 E 19th St Paterson, Nj 07501, Usa
See Similar DealsMultiFamily
Sold 07/25/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
A 22-unit apartment portfolio in Paterson has been sold by Marcus & Millichap for $2,902,500. The property is located at 773 East 19th Street and 149 Warren Street. This multifamily asset attracted investors due to its potential for traditional value-add investments, which remain in demand despite the current interest rate environment.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,902,500
- Address: 773 East 19th Street & 149 Warren Street
- Market: Paterson
Michael Kossak, Daniel Aviles, and Jed Matricaria from Marcus & Millichap facilitated the transaction as the brokers for the deal. Their expertise and industry knowledge helped to ensure a smooth sale process for the 22-unit apartment portfolio in Paterson.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$154,800.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,311.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,759.33
Annual Debt Service$165,111.97
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