Raymond A. Velasquez And Partners Acquire Newark Multifamily Asset For $1.7M From Augustine Okundaye

This transaction involves a 6-unit multifamily asset located at 858-860 South 18th Street in Newark. The property, which was sold for $1,700,000, encompasses a total square footage of 9,361. The sale reflects a price per unit of $283,333 and a price per square foot of $181.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,700,000
• Units: 6
• Square Footage: 9,361
• Price Per Unit: $283,333
• Price Per Square Foot: $181
• Buyer: Raymond A. Velasquez, Nico F., Mikhail Kravtsov & Rahul Valecha
• Seller: Augustine Okundaye
• Broker: Michael Lombardi - Horvath & Tremblay

The buyers, Raymond A. Velasquez, Nico F., Mikhail Kravtsov, and Rahul Valecha, noted the property's characteristics, highlighting that it includes three 4-bedroom, 2-bathroom units and three 3-bedroom, 2-bathroom units. They indicated that the units were renovated and that the roof was replaced within the last four years. Additionally, the property is separately metered, with tenants responsible for gas and electric payments, and is strategically located close to major transport routes such as I-78, GSP, Route 21, and Newark Penn.