32 Dayton Street, Newark, NJ
NEWARK, NJ—Demonstrating the strong market for multifamily properties in an economically resurgent Newark, The Kislak Company brokered the sale of two multifamily properties with 37 residential units in Newark, NJ for $2.46 million. The sale included a 21-unit property at 32 Dayton Street and a 16-unit property at 377 Clinton Place.
Kislak marketed the properties on an exclusive basis with sales associate Michael Salomon handling the assignment and identifying the purchaser. The buyer and seller were not identified.
“This sale exemplifies the continued strength of the Newark multifamily market,” says Salomon. “The city's renaissance continues and, as a result, multifamily investments remain strong.”
The properties sold at a cap rate of 7.1%.
The Dayton Street property is a four-story brick apartment building of recently renovated apartments across from Weequahic Park. The property houses 19 one-bedroom and 2 two- bedroom apartments with onsite laundry. The former owner had made several capital improvements to the building including new kitchens, windows, electrical panels, boiler and roof.
The Clinton Place property is a two-story brick apartment building with 12 one-bedroom, 3 two-bedroom, and 1 three-bedroom units, housed under a newly replaced roof. Both properties are in prime locations in the Dayton neighborhood of the South Ward section of Newark, close to public transportation and Newark Liberty International Airport.
Given the continued economic revival in Newark and its easy access to and from New York City, multifamily investors have strong interest in the city. Many new developments are planned, and large employers include Prudential, Panasonic, Audible (a division of Amazon.com) and HelloFresh.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
