Steven Haddad Purchases Office Building In Tinton Falls From Lucas Construction For $3,170,000
2 Hance Avenue
$3,170,000
$211/SF
Building Size
15,000 SF
Asset Type
Office
Closing
Nov 10, 2023
AI
The office located at 2 Hance Avenue in Tinton Falls, NJ, was sold in a transaction that closed on November 10, 2023. The property spans 15,000 square feet and was sold for $3,170,000, resulting in a price per square foot of $211.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $3,170,000
- Buyer: Steven Haddad
- Seller: Lucas Construction
- Broker: Steven Richel - Richel Commercial Brokerage
Steven Haddad acquired the office property at 2 Hance Avenue in Tinton Falls, NJ, with the assistance of Steven Richel from Richel Commercial Brokerage. The seller in this transaction was Lucas Construction.
Tinton Falls Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.00%
Cash-on-Cash
-1.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93