16 Units Trade in Separate Transactions
Woodbridge, N.J., February 24, 2021 – The Kislak Company, Inc., announced the recent sale of two multifamily properties in Belleville, Essex County, New Jersey. The separate transactions include the $2,175,000 sale of 11 condominium units at 4 Highland Avenue, and the $885,000 sale of 5 residential units at 222 Williams Street.
Kislak marketed the properties on an exclusive basis with Vice President Thomas Scatuorchio handling the assignments, and he also procured the purchasers, both private investors.
Regarding the Highland Avenue property, Mr. Scatuorchio commented, “The seller is the family of the original developer who controlled the condominium association and rented the 11 units as market-rate apartments. The property is in impeccable condition and the units are large with ideal layouts.”
The sale consisted of 11 out of 12 condominium units in a three-story, brick building built in 1987. All units are two-bedroom apartments with over 1,200 square feet of space with in-unit washers and dryers; 150-square foot individual, locked storage units in the basement; and two designated parking spaces for each apartment. All second and third floor units have the additional amenity of balconies.
“The purchaser capitalized on the unique opportunity to purchase nearly all of the units in this building, allowing him to effectively run the property as a multifamily investment,” added Mr. Scatuorchio. “Given the quality and size of the units, there is a significant value-add opportunity, which enabled us to achieve a per unit price that exceeds current market pricing. The purchaser intends to maintain the property in its current form and eventually increase rents to market levels.”
222 Williams Street is a three-story building with five residential units plus a three-car garage and ground floor space with development potential.
“This transaction is a prime example of the investment trends in the Belleville area,” said Mr. Scatuorchio. “The seller is a long-term local owner who maintained the property very well. The purchaser was able to acquire a stabilized asset with opportunity for rent increases requiring minimal capital expenditure, and further value add potential by leasing additional units.”
Ideally situated for commuters, the buildings are also within walking distance of multiple New Jersey Transit bus stops providing transportation to and from Newark; less than two miles from the Light Rail Silver Lake train station with transportation to Newark Penn Station; walking distance from Clara Maass Medical Center, a 469-bed teaching hospital; one mile from the Garden State Parkway and 13 miles from New York City.
Belleville, nicknamed itself “Cherry Blossom Capital of America,” boasts an annual cherry blossom display larger than the famed Tidal Basin, site of the National Cherry Blossom Festival in Washington, D.C.
Thomas Scatuorchio joined Kislak in 2016 and specializes in the sale of retail and multifamily investment properties in Morris and Essex counties. In 2017, he earned Kislak’s Rising Star award and in 2021, he was promoted to a vice president.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 115th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.