Chase Acquires Retail Building In Waldwick For $2.2M From Villa Restaurant Properties
53 Franklin Turnpike
$2,200,000
$611/SF
Building Size
3,600 SF
Asset Type
Retail
Closing
May 6, 2024
AI
A 3,600-square-foot retail building located at 53 Franklin Turnpike in Waldwick was sold for $2.2 million. Chase purchased the property from Villa Restaurant Properties Inc. The transaction was facilitated by NAI James E. Hanson, with Anthony Cassano and Dick Hecker representing the seller.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $2,200,000
- Address: 53 Franklin Turnpike
- Market: Waldwick
- Buyer: Jamie Dimon - Chase
- Seller: Villa Restaurant Properties Inc
- Brokers: Anthony Cassano & Dick Hecker - NAI James E. Hanson
- SF: 3,600
- PPSF: $611
Chase plans to convert the purchased property into a new branch to strengthen its presence in New Jersey by offering a wide array of personal and commercial banking services. The strategic location of the property at a bustling intersection with various convenient amenities nearby played a significant role in this transaction.
Players
Waldwick 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
7.21%
Cash-on-Cash
-2.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93