Avi Sackton Acquires 19-Unit Multifamily Property From Marisa Monacelli In Paterson For $2.225M

A 19-unit multifamily property located at 496-498 21st Avenue in Paterson, NJ, has been sold for $2,225,000. The property encompasses a total of 12,851 square feet, resulting in a price per unit of $117,105 and a price per square foot of $173. The transaction reflects a 5.20% cap rate and is situated in Passaic County with convenient access to route 80 and route 21.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,225,000
• Units: 19
• Square Footage: 12,851
• Price Per Unit: $117,105
• Price Per Square Foot: $173
• Buyer: Avi Sackton
• Seller: Marisa Monacelli
• Broker: Casey Egan - Ripco

Casey Egan and Ripco Real Estate represented both Avi Sackton and Marisa Monacelli in this transaction. The deal attracted multiple offers through an exclusive marketing process, highlighting the substantial upside in rental income that appealed to the buyers.