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Sanjay Patel's Rakhi Foods LLC Acquires Retail Property In South Plainfield, NJ For $2.15M

Property Image
SOLD
$2,150,000
Mike Horne
Christopher (Chris) Conway
+ 1

New Jersey

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Retail11,345 SF
Sold 12/30/2021
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Property Image
SOLD

Sanjay Patel's Rakhi Foods LLC Acquires Retail Property In South Plainfield, NJ For $2.15M

2301 Park Avenue, South Plainfield, New Jersey 07080, United States

See Similar Deals
Retail11,345 SF
Sold 12/30/2021
Mike Horne
Christopher (Chris) Conway
+ 1
Contact now

Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$189
Total Square Footage:11,345 SF
Transaction Type:Sale

The retail property located at 2301 Park Avenue in South Plainfield, NJ has been sold for a price of $2,150,000. The transaction took place on December 30, 2021. The property spans an area of 11,345 square feet and was sold at a rate of $190 per square foot. The buyer of the property is Sanjay Patel, representing Rakhi Foods LLC. The seller of the property is Jeff Herskowitz, representing Melbourne Associates I LLC.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $2,150,000
  • Square Footage: 11,345
  • Address: 2301 Park Avenue, South Plainfield, NJ
  • Market: South Plainfield, NJ

Representing the buyer, Sanjay Patel, Christopher Conway from The Goldstein Group facilitated the deal. On the seller's side, Steve Winter and Mike Horne from CBRE represented Jeff Herskowitz. Special thanks were given to Mike Horne and Steve Winters for their efforts in this transaction.

Players

Christopher (Chris) Conway
40 deals$12.1M volume
BROKER

Steven Winter
Ripco
2 deals$10.9M volume(732) 768-9898
BROKER

Mike Horne
Ripco
7 deals$20.5M volume(732) 208-6962
BROKER

CBRE
BROKERAGE

Sanjay Patel
9 deals$99.8M volume
BUYER

Sanjay Patel
9 deals$99.8M volume
BUYER

Details

SOLD
IMAGE: Christopher Conway DATE: 12/30/2021 ADDRESS: 2301 Park Avenue MARKET: South Plainfield, NJ ASSET TYPE: Retail BUYER: Sanjay Patel - Rakhi foods LLC SELLER: Jeff Herskowitz - Melbourne Associates I LLC BUYER'S REP: Christopher Conway (@Retail_CRE) - The Goldstein Group SELLER'S REP: Steve Winter & Mike Horne - CBRE SALE PRICE: $2,150,000 SF: 11,345 ~ PPSF: $190 NOTE: Special thanks to Mike Horne & Steve Winters for their efforts

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

$114,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$7,638.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,192.10
Annual Debt Service$122,305.16