Kislak Co. sells multifamily property in Caldwell for $3.5M

A 15-unit multifamily property with four retail spaces in Caldwell was recently sold for $3.465 million, according to a Thursday announcement from the Kislak Co. 

The Woodbridge-based brokerage marketed the property on an exclusive basis, with Senior Vice President Robert Squires leading the assignment on behalf of the seller, Jenn & Ann Caldwell Realty.

“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,” Squires stated.

Located at 412-416 Bloomfield Ave., the 10,000-square-foot, three-story brick building was built in 1927, and includes one studio, six one-bedroom units, two two-bedroom units, and four stores. Nine of the residential units have been fully renovated with new kitchens and bathrooms; the others, with below-market rents, provide large financial upside.

Vice president Michael Kossak procured the purchaser, 412-416 Bloomfield Avenue LLC.