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Rocco Errico Sells Package Deal In Jersey City For $2.8 Million With Amar Mody & Basilio Rivera

Property Image
SOLD
$2,800,000

New Jersey

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Package Deal120,000 SF
Sold 07/10/2024
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Property Image
SOLD

Rocco Errico Sells Package Deal In Jersey City For $2.8 Million With Amar Mody & Basilio Rivera

122-124 Ocean Avenue, 93 Winfield Avenue, 91 Winfield Avenue, 89 Winfield Avenue & 87 Winfield Avenue

See Similar Deals
Package Deal120,000 SF
Sold 07/10/2024
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Summary

NEW JERSEY
Asset Type:Package Deal
Price Per Square Foot:$23
Total Square Footage:120,000 SF
Transaction Type:Sale

The transaction involved a package deal encompassing multiple properties located at 122-124 Ocean Avenue, 93 Winfield Avenue, 91 Winfield Avenue, 89 Winfield Avenue, and 87 Winfield Avenue in Jersey City, NJ. The total sale price was $2,800,000, with an overall square footage of 24,000, resulting in a price per square foot of $117.

Summary of transaction details:

The deal was facilitated by Ian Cramsey representing the buyer, while the seller was represented by Amar Mody and Basilio Rivera. The involvement of these brokers played a crucial role in the successful completion of the transaction within the Jersey City market.

Players

Amar Mody
7 deals$27M volume
BROKER

Basilio Rivera
Sotheby's International Realty
6 deals$26.1M volume(201) 240-8048
BROKER

Ian Cramsey
Howard Hanna Rand Realty
1 deal$2.8M volume(917) 312-1022
BROKER

Details

SOLD
IMAGE: Ian Cramsey, Amar Mody & Basilio Rivera DATE: 07/10/2024 ADDRESS: 122-124 Ocean Avenue, 93 Winfield Avenue, 91 Winfield Avenue, 89 Winfield Avenue & 87 Winfield Avenue MARKET: Jersey City, NJ ASSET TYPE: Package Deal SELLER: Rocco Errico BUYER'S REP: Ian Cramsey (@Ian_Cramsey) - Howard Hanna Rand Realty (@HowardHannaRealEstate) SELLER'S REP: Amar Mody (@TheModyTeam) & Basilio Rivera (@BasilioChillTown) - Sotheby's International Realty (@SothebysRealty) SALE PRICE: $2,800,000 SF: 24,000 ~ PPSF: $117

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$149,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,947.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,273.43
Annual Debt Service$159,281.14