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Toranco Somerset LLC Acquires Office Building In Somerset For $5M

Property Image
SOLD
$5,000,000
David Zimmel
Jason Zimmel
Joel Natter

New Jersey

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Office64,709 SF
Sold 08/08/2023
the dealplayerscompscontact
Property Image
SOLD

Toranco Somerset LLC Acquires Office Building In Somerset For $5M

100 Davidson Ave Somerset, Nj 08873, Usa

See Similar Deals
Office64,709 SF
Sold 08/08/2023
David Zimmel
Jason Zimmel
Joel Natter
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Office
Price Per Square Foot:$77
Total Square Footage:64,709 SF
Transaction Type:Sale

The $5 million sale of a 64,709-square-foot office building in Somerset, located at 100 Davidson Ave., has been facilitated by Zimmel Associates. The property offers multiple tenants, 258 surface parking spaces, and benefits from its strategic location near Interstate 287, New Jersey Transit, and Newark Liberty International Airport.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $5,000,000
  • SF: 64,709
  • PPSF: $77
  • Address: 100 Davidson Avenue
  • Market: Somerset

Titan Mahagun LLC acquired the office building from the seller, Toranco Somerset LLC. The buyer was represented by the Torsiello Organization, while Zimmel Associates, comprising David Zimmel, Jason Zimmel, and Joel Natter, acted as the seller's representative in the transaction.

Players

David Zimmel
Zimmel Associates
David Zimmel
15 deals$181.4M volume
BROKER
Jason Zimmel
Zimmel Associates
Jason Zimmel
3 deals$5M volume(732) 661-9200
BROKER
Joel Natter
Zimmel Associates
Joel Natter
1 deal$5M volume(732) 661-9200
BROKER

Details

SOLD
IMAGE: David Zimmel, Jason Zimmel & Joel Natter DATE: 08/08/2023 ADDRESS: 100 Davidson Avenue MARKET: Somerset ASSET TYPE: Office BUYER: Toranco Somerset LLC SELLER: Titan Mahagun LLC BUYER'S REP: Torsiello Organization SELLER'S REP: David Zimmel, Jason Zimmel & Joel Natter - Zimmel Associates (@ZimmelAssociates) SALE PRICE: $5,000,000 SF: 64,709 ~ PPSF: $77 NOTE: Zimmel Associates facilitated the $5 million sale of a 64,709-square-foot office building in Somerset to Titan Mahagun LLC. The building, located at 100 Davidson Ave., offers multiple tenants, 258 surface parking spaces, and a strategic location near Interstate 287, New Jersey Transit, and Newark Liberty International Airport.

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

$266,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61