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Brothers Smokehouse Acquires Retail Property In Ramsey, NJ For $7.2M

Property Image
SOLD
$7,200,000

New Jersey

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Retail14,000 SF
Sold 05/25/2023
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Property Image
SOLD

Brothers Smokehouse Acquires Retail Property In Ramsey, NJ For $7.2M

900 NJ-17 Ramsey, NJ 07446, USA

See Similar Deals
Retail14,000 SF
Sold 05/25/2023
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Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$514
Total Square Footage:14,000 SF
Transaction Type:Sale

Brothers Smokehouse has recently acquired a retail property located at 900 Route 17 in Ramsey, NJ. The property spans 14,000 square feet and was sold for a price of $7,200,000, resulting in a price per square foot of $514. Marc Palestina and Chuck Lanyard from The Goldstein Group represented Brothers Smokehouse in this transaction. It is noteworthy that Brothers Smokehouse has been operating successfully at this location for the past few years and is now thrilled to become the proud owners of the property.

Summary of transation details

  • Property Type: Retail
  • Transaction Amount: $7,200,000
  • SF: 14,000
  • PPSF: $514
  • Address: 900 Route 17, Ramsey, NJ

The acquisition of the property by Brothers Smokehouse was facilitated by the brokers Marc Palestina and Chuck Lanyard from The Goldstein Group. Their expertise and representation were instrumental in ensuring a successful deal for Brothers Smokehouse. We congratulate Brothers Smokehouse on their continued success and growth in this location and wish them all the best as property owners.

Players

27 deals$117.5M volume(201) 799-9665
BROKER

Details

SOLD
IMAGE: Marc Palestina & Chuck Lanyard DATE: 05/25/2023 ADDRESS: 900 Route 17 MARKET: Ramsey, NJ ASSET TYPE: Retail BUYER: Brothers Smokehouse BROKERS: Marc Palestina & Chuck Lanyard - The Goldstein Group SALE PRICE: $7,200,000 SF: 14,000 ~ PPSF: $514 NOTE FROM BROKERS: We are pleased to see Brother’s success at the property the past few years and are excited to see them continue to flourish at this location, now as owners’ of the property

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

$384,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$25,580.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,131.67
Annual Debt Service$409,580.08