Every transaction has a story. In this case the owner was an absentee landlord who claimed little knowledge of the building’s operating costs. The result was that due diligence was a non-stop struggle to nail down numbers that supported a rate of return required by my client.

Data from Costar…

On August 15, 2019, this 7600 square foot mixed use property, located at 163 4th Avenue, Newark, NJ sold for $630,000. Asking price was $729,000. The property, which included 5 surface parking spaces, was on the market for 5 months and 8 days and delivered a cap rate of 7.21%.

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