A multifamily property with a mixture of residential units and four retail spaces was recently sold for $3.5 million in Caldwell, Essex County, New Jersey.
Located at 412-416 Bloomfield Avenue, the 10,000-square-foot, three-story brick building includes one studio, six one-bedroom units, two two-bedroom units, and four stores. Built in 1927, nine residential units have undergone complete renovations, while the building also features a new boiler and video camera system. The unrenovated units offer below-market rents, with the property situated on a high-traffic commercial corridor within five miles to the Upper Montclair and Little Falls lines.
The property was marketed on behalf of the seller, Jenn & Ann Caldwell Realty, LLC, on an exclusive basis by The Kislak Company, Inc. Kislak’s senior vice president Robert Squires led the assignment. Additionally, Kislak’s Vice president Michael Kossak procured the purchaser, 412-416 Bloomfield Avenue, LLC.
Mr. Squires remarked: “There is a huge demand for well-maintained apartment buildings in northern New Jersey and these buildings, in a great rental market, offer a large upside in rents. It was such a pleasure to work on this transaction in which the owners engaged us to represent them in the sale of this beautiful, pre-war building. We demonstrated significant value by generating a dozen offers, with the sellers proceeding with the highest and best offer.”
