People's Preparatory Charter School Acquires Newark Church For $2.5M
SOLD
$2,500,000
New Jersey
See Similar DealsOther44 SF
Sold 03/01/2023
SOLD
People's Preparatory Charter School Acquires Newark Church For $2.5M
621-635 Clinton Avenue, Newark, New Jersey 07108, United States
See Similar DealsOther44 SF
Sold 03/01/2023
Summary
NEW JERSEY
Asset Type:Other
Price Per Square Foot:$56,818
Total Square Footage:44 SF
Transaction Type:Sale
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.
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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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