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Minni Chalana Of EXP Realty Brokers $1.38M Sale Of Multifamily Property In Jersey City

Property Image
SOLD
$1,380,000

New Jersey

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MultiFamily
Sold 08/30/2024
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Property Image
SOLD

Minni Chalana Of EXP Realty Brokers $1.38M Sale Of Multifamily Property In Jersey City

816 Pavonia Avenue

See Similar Deals
MultiFamily
Sold 08/30/2024
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

The property asset involved in this transaction is a newly renovated two-family building located at 816 Pavonia Avenue in Jersey City. This multifamily asset is fully rented and is situated in a prime redevelopment zone near Journal Square, making it an appealing investment opportunity. The sale price for the property was $1,380,000, with two units at a price per unit of $690,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,380,000
  • Units: 2
  • Price Per Unit: $690,000
  • Annual Pro Forma Rents: $99,600
  • Cap Rate: 5.7%
  • Market: Jersey City
  • Broker: Minni Chalana - EXP Realty

Minni Chalana of EXP Realty represented the seller in this transaction, facilitating the sale of the two-family property. The strategic location and the current rental status enhance the investment prospects for the new owner.

Players

Minni Chalana
EXP Realty
Minni Chalana
7 deals$36.1M volume
BROKER

Details

SOLD
IMAGE: Minni Chalana DATE: 08/30/2024 ADDRESS: 816 Pavonia Avenue MARKET: Jersey City ASSET TYPE: Multifamily BROKER: Minni Chalana (@Minni.Chalana) - EXP Realty (@ExpRealty_) SALE PRICE: $1,380,000 UNITS: 2 ~ PPU: $690,000 NOTE: Minni Chalana of EXP Realty brokered the $1.38 million sale of a fully rented, newly renovated two-family property at 816 Pavonia Avenue in Jersey City. Located in a prime redevelopment zone near Journal Square, the property offers strong investment potential with pro forma rents of $99,600 annually and a 5.7% cap rate.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$73,600.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,902.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,541.90
Annual Debt Service$78,502.85