Marcus & Millichap, a commercial real estate brokerage firm, announced the sale of two mixed-use properties along Washington Street, Hoboken’s primary retail corridor.
The first transaction involved the sale of 420 Washington St., a three-unit mixed-use property. Alan Cafiero, Devin Perez and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, represented the seller and procured the buyer in the $2,850,000 transaction.
In a separate deal, Marcus & Millichap arranged the sale of 1004 Washington St., a five-unit mixed-use property. Cafiero, Perez and Matuszewicz represented the seller and buyer in the $2,951,000 transaction.
“Washington Street continues to distinguish itself as one of the most sought-after retail corridors in the state, driven by its dense residential population, strong pedestrian traffic, and limited supply of core mixed-use buildings,” said Devin Perez, associate investments. “Both properties attracted significant interest from investors seeking durable street-level retail with residential components in a high-barrier-to-entry market.”
Located four blocks from the PATH station, 420 Washington St. consists of 3,950 square feet and includes a ground-floor retail space occupied by a liquor store and two residential apartments above.
1004 Washington St. is a four-story, 6,900-square-foot mixed-use building with one ground-floor retail unit and four residential apartments in uptown Hoboken.
