John Rapp Purchases 24-Unit Multifamily Property At 900 Avenue C From Richard Massa For $4.4M

The property sold is a multifamily asset located at 900 Avenue C in Bayonne, NJ. The asset consists of 24 units and spans a total of 22,000 square feet. The sale price for the property was $4,400,000, resulting in a price per unit of $183,333 and a price per square foot of $200.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,400,000
• Units: 24
• Square Footage: 22,000
• Price Per Unit: $183,333
• Price Per Square Foot: $200
• Buyer: John Rapp
• Seller: Richard Massa
• Brokers: Manveer Sanghera & Alex Morgan - Veerman Asset Management

Alex Morgan, a new team member at Veerman Asset Management, played a significant role in this transaction. The property had remained family-held for over 30 years, marking its first transfer in decades. The deal offers nearly 15% rental upside for the buyer, indicating potential for long-term growth. This transaction is noted for achieving one of the highest price-per-unit sales for similar vintage properties in Bayonne's history.