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

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SOLD
$2,100,000

New Jersey

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Retail22,100 SF
Sold 03/26/2021
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Property Image
SOLD

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

2045 New Jersey 88, Brick Township, NJ, USA

See Similar Deals
Retail22,100 SF
Sold 03/26/2021
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Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$95
Total Square Footage:22,100 SF
Transaction Type:Sale

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
10 deals$15.1M volume
BROKER

Details

SOLD
IMAGE: Jarrad Coletta DATE: 03/26/2021 ADDRESS: 2045 Route 88 MARKET: Brick, NJ ASSET TYPE: Retail BUYER: J Goldstein SELLER: 2045 Route 88 BROKERS: Jarrad Coletta @coletta_commercial ASKING PRICE: $2,500,000 SALE PRICE: $2,100,000 SF: 22,100 ~ PPSF: $95 NOTE: 22,100 SF Former Restaurant Supply on 2.8 acres in Brick, NJ

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

$112,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$7,460.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,955.07
Annual Debt Service$119,460.86