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Paramount Realty Sells Retail Center In Flemington To Local Private Investor

Property Image
SOLD
$7,500,000
David Crotts
Brent Hyldahl
+ 2

New Jersey

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Retail7,388 SF
Sold 06/28/2024
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Property Image
SOLD

Paramount Realty Sells Retail Center In Flemington To Local Private Investor

289 US Route 202

See Similar Deals
Retail7,388 SF
Sold 06/28/2024
David Crotts
Brent Hyldahl
+ 2
Contact now

Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$1,015
Total Square Footage:7,388 SF
Transaction Type:Sale

The two-tenant retail center located at 289 US Route 202 in Flemington was sold for $7.5 million. This 7,388-square-foot property was acquired by a local private investor. The center is currently occupied by Aspen Dental and City MD Urgent Care, making it a prime investment in the retail market of Flemington.

Summary of transaction details:

The sale of this retail property was facilitated by the brokers from Marcus & Millichap, namely Alan Cafiero, Brent Hyldahl, David Crotts, and Dean Zang. The success of this transaction showcases the expertise and professionalism of the involved parties in closing a significant deal in the Flemington market.

Players

Brent Hyldahl
57 deals$436.2M volume(201) 742-6116
BROKER

Alan Cafiero
Marcus & Millichap
100 deals$763.8M volume(201) 240-7367
BROKER

Dean Zang
Institutional Property Advisors
17 deals$183.7M volume
BROKER

David Crotts
Institutional Property Advisors
17 deals$183.7M volume
BROKER

Tom Georges
NorthMarq
1 deal$7.5M volume(646) 841-0629
BROKER

Details

SOLD
IMAGE: Tom Georges, Alan Cafiero, Brent Hyldahl, David Crotts & Dean Zang DATE: 06/28/2024 ADDRESS: 289 US Route 202 MARKET: Flemington ASSET TYPE: Retail SELLER: Paramount Realty BUYER'S REP: Tom Georges - NorthMarq (@Northmarq) SELLER'S REP: Alan Cafiero (@Hoxrule3), Brent Hyldahl, David Crotts & Dean Zang (@ZangIsMyName) - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $7,500,000 SF: 7,388 ~ PPSF: $1,015 NOTE: Marcus & Millichap brokered the $7.5 million sale of a two-tenant retail center in Flemington, occupied by Aspen Dental and City MD Urgent Care. The 7,388-square-foot property was sold by Paramount Realty and bought by a local private investor. #

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

$400,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$26,645.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,553.83
Annual Debt Service$426,645.92