Hudson Edge Investment Partners Acquires Office In Montclair For $2.5M
SOLD
$2,500,000
New Jersey
See Similar DealsOffice12,000 SF
SOLD
Hudson Edge Investment Partners Acquires Office In Montclair For $2.5M
70 Park St, Montclair, NJ, 07042
See Similar DealsOffice12,000 SF
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$208
Total Square Footage:12,000 SF
Transaction Type:Sale
An office property located at 70 Park St, Montclair, NJ, 07042 has been sold for $2,500,000.00. The 12,000-square foot asset, known as 70 Park Montclair, is situated in the Montclair market and is currently 83 percent occupied.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $2,500,000.00
- Address: 70 Park St, Montclair, NJ, 07042
- Market: Montclair
- Buyer's Representative: Michael DeVita (Hudson Edge Investment Partners)
- Seller: Unknown
- Square Footage: 12,000
The sale of 70 Park Montclair was brokered by Alan Cafiero, Ben Sgambati, David Cafiero, and Michael DeVita of Marcus & Millichap. They represented the seller, a limited liability company, as well as the buyer, a partnership, in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$8,881.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,851.28
Annual Debt Service$142,215.31
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