Marcus & Millichap Sells Retail Asset In Mount Olive Township For $1.43M
SOLD
$1,430,000
New Jersey
See Similar DealsRetail3,250 SF
SOLD
Marcus & Millichap Sells Retail Asset In Mount Olive Township For $1.43M
342 US Route 46
See Similar DealsRetail3,250 SF
Summary
NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$440
Total Square Footage:3,250 SF
Transaction Type:Sale
An investor has acquired a retail property located at 342 Route 46 in Mount Olive Township, NJ. The property spans 3,250 square feet and was sold for $1,430,000. Currently, it houses a Valley National Bank branch.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $1,430,000.00
- Square Footage: 3,250
- Address: 342 Us-46, Mount Olive Township, NJ
- Buyer's Representative: Michael Kook - Marcus & Millichap
- Buyer: Unknown
The transaction was facilitated by Michael Kook from Marcus & Millichap's Manhattan office, who represented the buyer. The appeal of the property stemmed from its strong corporate credit, long lease term, and location within the New Jersey market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$76,266.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,080.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,778.93
Annual Debt Service$81,347.15
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