Kislak sells Clinton mixed-use building with residential and retail for $1.05M

A 5,175-square-foot mixed-use building with four residential units and two retail spaces at 21-23 Leigh St. in Clinton recently sold for $1.05 million, according to a Wednesday announcement from the Kislak Co.

Kislak marketed the property on an exclusive basis, with Senior Vice President Daniel Lanni handling the assignment on behalf of the seller, Clinton Properties LLC. He also procured the purchaser, which was in need of a Section 1031 exchange.

“This was the fastest transaction in which I have been involved. The offer was accepted immediately, the contract was drafted the following day and signed without any due diligence, and the closing occurred one week later on an all-cash basis,” Lanni said.

Located within easy walking distance of the downtown area of Clinton, the property consists of a three-story, mixed-use building with four completely renovated, large apartments and two retail spaces on the ground floor. Recent renovations to the interior of the apartments included wood flooring, new stainless-steel appliances, stone countertops and in-unit washers and dryers, among other attractive features. Additional enhancements included new electrical wiring, roofing and siding. Occupancy at the time of the sale was 100%.

While small, the town of Clinton is vibrant with many events, resources and services for businesses and residents alike, offering walking trails, parks, museums, restaurants, a main street, tree-lined streets and waterfront along the Raritan River, host to two grist mills and a historic iron bridge.