The Kislak Co. announced the recent sale of a mixed-use property known as the Remington Rooming House at 377 Smith Street in Perth Amboy for $2,400,000.
Kislak marketed the property on an exclusive basis with senior vice president Daniel Lanni handling the assignment, and he also procured the purchaser, the Perth Amboy YMCA.
“I am proud to have facilitated the sale of this unique property, which highlights the vibrancy of the Perth Amboy real estate market and the interest in rooming houses as a viable, affordable housing option. The seller and purchaser YMCA were a pleasure to deal with. The sale price equated to a 6.6% cap rate, and Ocean First Bank was prompt and efficient with their handling of the financing,” Lanni commented.
Built in 1910, the mostly renovated, three-story, brick building consists of 40 units with a retail store at ground level. The units consist of private bedrooms (some with private bathrooms) furnished with a twin-sized bed and a refrigerator. The building’s interior and exterior are equipped with security cameras that run 24/7.
With a rooming house license, the property is operated in accordance with the Housing for Older Persons provisions of the Fair Housing Act.
A corner location in a safe, quiet neighborhood, the property is walking distance from the NJ Transit Train system and all major bus lines, as well as downtown Perth Amboy.
Ocean First Bank arranged financing.
