People's Preparatory Charter School Acquires Newark Church For $2.5M
621-635 Clinton Avenue, Newark, New Jersey 07108, United States
$2,500,000
$56,818/SF
Building Size
44 SF
Asset Type
Other
Closing
Mar 1, 2023
AI
The property involved in this closed transaction is a church located at 621-635 Clinton Ave, 826 S. 10th St., and 109 Shanley Avenue in Newark. The property was sold on 01/03/2023.
Summary of transaction details:
- Property Type: Church
- Transaction Amount: $2,500,000
- Square Footage: 44,676
- Price Per Square Foot: $56
- Market: Newark
The buyer, People's Preparatory Charter School, acquired the property from the seller, New Hope Church dba Deliverance Evangelical Center. The buyer was represented by Doug Rowe from Lee & Associates New Jersey, while the seller was represented by Yvonne Taylor & Eulondia Reese-Turner from Coldwell Banker Realty.
Players
Newark Other Market Snapshot
Boundary boundary · Other · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93