Shahzad Khan Acquires 7-Unit Multifamily In Jersey City From Q Park For $1.475M

This 7-unit multifamily asset located at 91 Romaine Avenue, Jersey City features a sale price of $1,475,000 and encompasses 6,100 square feet, resulting in a price per square foot of $241. The property operates at a current capitalization rate of 4.37% and is rent stabilized, with a pro-forma capitalization rate of 5.47%, based on a value creation initiative of $350,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,475,000
• Units: 7
• Price Per Unit: $210,714
• Square Feet: 6,100
• Price Per Square Foot: $241
• Buyer: Shahzad Khan
• Seller: Q Park
• Broker: Minni Chalana - Modern Spaces
• Seller's Attorney: Nicholas Cherami - CQC Law

The transaction was facilitated by Minni Chalana representing the seller Q Park, with legal representation provided by Nicholas Cherami from CQC Law. The deal highlights a strategic acquisition within the Journal Square region of New Jersey.