NEWARK, NJ — Marcus & Millichap announced the sale of 150-152 Broad St., a 12-unit apartment property located in Newark, according to James McGuckin, regional manager of the firm’s New Jersey office. The asset sold for $1.735 million.
Richard Gatto, Fahri Ozturk, and Jed Matricaria investment sales specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. They also brought the buyer, a private investor. “This was a nice, bite size deal that offered a quality, stabilized opportunity,” Matricaria reflected. “We fielded multiple offers on the property which allowed us to leverage our team’s process to get this deal across the finish line,” Gatto said.
150 Broad St. had upgraded units and common areas and no deferred maintenance. The building has a unit mix of one, two, and three-bedroom apartments. The property is located two miles from Newark Penn Station, a major transportation hub, offering a 20-minute door-to-door commute to New York Penn Station. It also stands one mile from the Broad Street Station and 11 miles from NYC. Additionally, 150-152 Broad St. has access to Interstate-78 and Rtes. 1&9, Rte. 21 and the Garden State Pkwy. The property is close to Branch Brook Park and one of Newark’s most recognizable landmarks, the Cathedral Basilica of the Sacred Heart.
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