Berkadia Represents Seller In 20-Unit Multifamily Sale On Avenel Street For $4.135M

A 20-unit multifamily building located at 510 Avenel Street in Avenel, New Jersey, has been sold for $4,135,000. The property encompasses 22,000 square feet, resulting in a price per unit of $206,750 and a price per square foot of $187. It is strategically situated minutes from the Woodbridge Train Station, enhancing its connectivity.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,135,000
• Units: 20
• Square Footage: 22,000
• Price Per Unit: $206,750
• Price Per Square Foot: $187

Nat Gambuzza, Trevor Fiebel, and Nick Balancia of Berkadia represented the seller and procured the buyer in this transaction. The marketing process was conducted efficiently, aligning with the seller’s objectives. This sale marks the first time the asset has changed ownership in 27 years, with the buyer recognizing significant value-add potential due to current rents being 28% below market rates. The buyer had previously attempted to acquire the property in the 1990s.