Church Of God Prophecy Acquires Passaic Church From First Presbyterian Society For $750K
SOLD
$750,000
+ 1
New Jersey
See Similar DealsOther12,790 SF
Sold 01/19/2021
SOLD
Church Of God Prophecy Acquires Passaic Church From First Presbyterian Society For $750K
108 Washington Place, Passaic, NJ, USA
See Similar DealsOther12,790 SF
Sold 01/19/2021
+ 1
Summary
NEW JERSEY
Asset Type:Other
Price Per Square Foot:$58
Total Square Footage:12,790 SF
Transaction Type:Sale
The Church of God Prophecy has acquired a church property located at 108 Washington Place in Passaic. The property, which is a church asset, was sold by the First Presbyterian Society. The transaction was facilitated by the CBRE team, consisting of David Bernhaut, Elli Klapper, Nicole Nannola, and Samuel Bernhaut. The sale took place on January 19, 2021.
Summary of transaction details:
- Property Type: Church
- Transaction Amount: $750,000
- Address: 108 Washington Place
- Market: Passaic
- Brokers: David Bernhaut, Elli Klapper, Nicole Nannola, and Samuel Bernhaut - CBRE
The church property spans approximately 12,790 square feet, resulting in a price per square foot of $59.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$40,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,664.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,555.38
Annual Debt Service$42,664.59
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