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Multifamily Property Sold For $1.33M In Garfield With Zvonko Veskov As The Broker

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SOLD
$1,330,000

New Jersey

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MultiFamily
Sold 10/03/2024
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Property Image
SOLD

Multifamily Property Sold For $1.33M In Garfield With Zvonko Veskov As The Broker

94 Mac Arthur Avenue

See Similar Deals
MultiFamily
Sold 10/03/2024
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale

A 6-unit multifamily investment property located at 94-98 Mac Arthur Avenue in Garfield has been sold for $1.33 million. The property consists of a 4-family and a 2-family building on the same lot, featuring separate utilities, and it generates an annual gross income of $100,680. All rents are currently under market value, with a price per unit of $221,667.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,330,000
  • Units: 6
  • Price Per Unit: $221,667
  • Address: 94-98 Mac Arthur Avenue
  • Market: Garfield
  • Annual Gross Income: $100,680
  • Broker: Zvonko Veskov - New Jersey Homes & Estates

Zvonko Veskov represented the transaction for the sale of this multifamily property. This deal involved a combination of residential buildings, reflecting a diverse investment opportunity within the Garfield market.

Players

Zvonko Veskov
New Jersey Homes and Estates
Zvonko Veskov
2 deals$2.8M volume(973) 340-3300
BROKER

Details

SOLD
IMAGE: Zvonko Veskov DATE: 10/03/2024 ADDRESS: 94-98 Mac Arthur Avenue MARKET: Garfield ASSET TYPE: Multifamily BROKER: Zvonko Veskov (@ZvonkoVeskov) - New Jersey Homes & Estates SALE PRICE: $1,330,000 UNITS: 6 ~ PPU: $221,667 NOTE: A 6-unit multifamily investment property at 94-98 Mac Arthur Avenue in Garfield has been sold for $1.33 million, with a price per unit of $221,667. The property, consisting of a 4-family and a 2-family building on the same lot, offers separate utilities and an annual gross income of $100,680, with all rents currently under market value.

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

$70,933.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,725.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,304.88
Annual Debt Service$75,658.54