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2045 New Jersey 88, Brick T...

J Goldstein Acquires Retail Property In Brick, NJ For $2.1M
SOLDRetail

J Goldstein Acquires Retail Property In Brick, NJ For $2.1M

2045 New Jersey 88, Brick Township, NJ, USA

$2,100,000

$95/SF

Building Size

22,100 SF

Asset Type

Retail

Closing

Mar 25, 2021

AI

Located in Brick, NJ, the property at 2045 Route 88 has recently changed ownership. The retail asset, spanning over 22,100 square feet, was previously occupied by a restaurant supply store. Situated on a spacious 2.8-acre lot, the property offers ample space and potential for various business ventures.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $2,100,000
  • Address: 2045 Route 88, Brick, NJ
  • Market: Brick, NJ
  • Buyer: J Goldstein
  • Seller: 2045 Route 88
  • Broker: Jarrad Coletta - Coletta Commercial

Jarrad Coletta, representing Coletta Commercial, facilitated the transaction. The buyer, J Goldstein, saw the potential in this property and seized the opportunity to acquire it at a price of $2,100,000, which amounts to approximately $95 per square foot. The deal was finalized on March 26, 2021, with the property's former owner, 2045 Route 88, agreeing to the sale.

As a former restaurant supply store, the property offers a unique space for potential businesses. With a sizeable lot and a significant square footage of 22,100, this Brick, NJ property presents an exciting opportunity for the new owner.

Players

Jarrad Coletta

Coletta Commercial Realty

Broker

$15.1M

vol

10 deals

Broker

Brick Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

7.55%

Cash-on-Cash

-2.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93