Woodbridge-based the Kislak Co. on Thursday said it recently closed an all-cash sale of a 14-unit multifamily property at 5 Charles St. in New Brunswick for $1.8 million.
Kislak marketed the property on an exclusive basis, with Senior Vice President Daniel Lanni handing the assignment, and he also procured the purchaser. The parties were not disclosed.
“This property is in a great location close to Rutgers University. The owner decided to sell after over 30 years of ownership and hired Kislak to market the property on an exclusive basis. We were able to quickly attract local and out-of-area investors and procured nine strong offers, including an all-cash bid from the winning purchaser,” Lanni commented.
The property included a value-add component with potential upside in rents, which made it attractive to the purchaser. The sale price represented a 5.7% cap rate.
Built in 1950, the three-story, brick, garden apartment building houses 14 one-bedroom units with updated kitchens and bathrooms and on-site laundry and parking. The property is located less than three miles from two stations of New Jersey Transit commuter rail along the Northeast Corridor Line and is within walking distance of banks, eateries, fitness centers, medical facilities and Rutgers University, all within a densely populated neighborhood.
Recreational activities nearby are abundant with five parks within 7.5 miles, including Rutgers Gardens, Giamarese Farm and Johnson Park. Trenton-Mercer Airport and Newark Liberty International Airport are within a 45-minute drive from the property.