Hudson Acquisition 9, LLC Acquires Newark Multifamily For $1.2M

The multifamily property located at 316-318 Mt Prospect Ave in Newark was recently sold for a price of $1,214,500. The property consists of 8 units, with an average price per unit of $151,813. The total square footage of the property is 8,000, resulting in a price per square foot of $152. The transaction took place on December 30, 2021, and the buyer was Hudson Acquisition 9, LLC, while the seller was 316 MPA, LLC. The deal was facilitated by Jed Matricaria from Marcus & Millichap.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,214,500
• Address: 316-318 Mt Prospect Ave, Newark
• Market: Newark

Jed Matricaria from Marcus & Millichap played a significant role in the transaction as the broker representing the parties involved. This deal illustrates the demand for multifamily properties in Newark's market, with 8 units being sold at an average price per unit of $151,813. The property's total square footage of 8,000 and a price per square foot of $152 further highlight its value in the market.