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Keystone Property Group Sells Office Building In Woodcliff Lake For $9.8 Million
SOLD
$9,800,000
+ 1
New Jersey
See Similar DealsOffice53,730 SF
Sold 09/10/2024
SOLD
Keystone Property Group Sells Office Building In Woodcliff Lake For $9.8 Million
470 Chestnut Ridge Road
See Similar DealsOffice53,730 SF
Sold 09/10/2024
+ 1
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$182
Total Square Footage:53,730 SF
Transaction Type:Sale
A 53,730-square-foot office building at 470 Chestnut Ridge Road in Woodcliff Lake has been sold for $9.8 million. The property is fully leased to Kiewit Infrastructure, which serves as its Northeast headquarters.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $9,800,000
- Asset Size: 53,730 SF
- Price Per Square Foot: $182
- Seller: Keystone Property Group
- Brokers: Daniel Blumenkrantz, Doug Rodio, Jeffrey Dunne & Travis Langer - CBRE
CBRE's team, comprised of Jeffrey Dunne, Doug Rodio, Travis Langer, and Daniel Blumenkrantz, represented the seller, Keystone Property Group, in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$522,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$34,817.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,457.00
Annual Debt Service$557,484.00
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