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2 Hance Avenue

Steven Haddad Purchases Office Building In Tinton Falls From Lucas Construction For $3,170,000
SOLDOffice

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:

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.

Players

Steven Richel

Richel Commercial Brokerage

Broker

$10M

vol

2 deals

Broker

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