Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 7-unit multifamily property located at 240 Jewett Avenue in Jersey City, New Jersey for $1,135,000.
“This deal speaks to the continuing trend of Jersey City attracting capital from NYC chasing less restrictive rent control laws,” said Jonathan Zamora. “Our team was able to secure the seller with attractive pricing at a 4% cap rate and strong terms by uncovering the true upside in the deal allowing us to create a strong buy side environment closing all cash with a hard deposit at contract signing.”
Zamora and Eve Parker, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local developer and procure the buyer, a private investor.
Built in 1920, the three-story, 6,894-square-foot Jewett Avenue multifamily property comprises seven apartments, featuring a unit mix of one and three-bedroom units. It is minutes away from the Journal PATH station.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
