October 31, 2024 – Michael Agrifolio of Horvath & Tremblay has arranged the sale of a five (5) unit multi-family property in Belleville, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $700,000.
The multi-family Property is located at 37-39 Magnolia Street in Belleville, New Jersey. The Property consists of a three-story brick building containing five (5) residential units comprised of two (2) 1-Bedroom/1-Bathroom units, two (2), 2-Bedroom/1-Bathroom units, and one (1), 3-Bedroom/1-Bathroom unit on a 0.12-acre parcel. The Property also includes an on-site laundry facility and five (5) parking spaces for residents. In-place leases are significantly below market rates; the opportunity exists to upgrade the unrenovated unit interiors to drive rental rates in an urban-infill, high demand/supply-constrained residential market. The Property is located along Magnolia Street in a densely populated residential neighborhood. The Property enjoys close proximity to Franklin Street and Bloomfield Avenue, two of the area’s primary commercial corridors. 37-39 Magnolia Street is 0.2-miles from the Silver Lake Light Rail Station and 1.2-miles from the Watsessing Avenue Train Station with direct service to Manhattan’s Penn Station. The Property offers convenient access to the Garden State Parkway, NJ Route 21, and Interstate 280. Additionally, the Property provides easy access to local and national retailers (Stop & Shop, Super-Fresh Food World, ALDI, Marshalls, Walgreens) and restaurants (McDonald’s, Chipotle, Wendy’s, Popeye’s) in the area, as well as numerous schools and the Clara Maass Medical Center. Belleville is a residential suburb of New York City, located in Essex County. The community is 16-miles west of New York City.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.