BELLEVILLE, N.J., – February 3, 2015 – (RealEstateRama) — In the Township of Belleville, N.J., where asking prices for multi-family properties continue to trend upward, Gebroe-Hammer Associates has arranged three trades totaling $9.2 million/108 units along the municipality’s main thoroughfare of Washington Avenue during the past 12 months.
The brokerage team of Managing Director Joseph Brecher and Senior Vice President Nicholas Nicolaou exclusively represented the seller and procured the buyer in the most recent transaction, the $4.375 million sale of 43 units at 574-582 Washington Ave. Six years ago, Brecher and Nicolaou, along with Managing Director David Oropeza, orchestrated the sale of the same property, which had been family-owned for 40 years.
The very well-maintained three-story building features a mix of 6 studio, 29 one-bedroom, 7 two-bedroom and 1 three-bedroom units. The latest capital improvements include a new boiler and hot water heaters. On-site amenities feature parking and laundry services.
“Because of its strategic location and high concentration of retail shops, schools, restaurants, banks and other lifestyle services, Belleville is a strong tenant-based commuter hub just 10 miles to New York City and five miles to Newark,” said Nicolaou. “As a result, current multi-family sale prices within a 20-mile radius of Belleville average $100,000+ per unit.”
Nicolaou also was involved in two other Belleville transactions. He, along with Stephen Tragash, senior vice president, exclusively represented the seller and identified the buyer in the $3.77 million sale of 242 Washington Ave. The five-story, 51-unit elevator building is comprised of 36 studio, 9 one-bedroom and 6 two-bedroom units. The brick facade, Tudor-style building recently underwent extensive renovations, including updating kitchens, bathrooms and windows. There also are on-site laundry facilities and 27 garages.
Nearby, at 475 Washington Ave., Nicolaou closed the $1.115 million sale of 14 units to kick off the firm’s Belleville activity earlier last year. The three-story building, built in 1927, also has three ground-floor retail units. “The neighborhood has a great deal to offer, which is why it is a top-pick for tenants. And, by association, well-tenanted properties are a top-pick for investors.”
Washington Avenue is centrally located along Route 7 at the intersection of Greylock Avenue, in the heart of Belleville. It is within a short distance of the Silver Lake Station, linking to New York Penn Station. The area also is served by eight local NJ Transit bus routes. Nearby highways include the New Jersey Turnpike, Routes 280 and 3 and State Route 21. In addition, the township is the self-proclaimed Cherry Blossom Capital of America, boasting an annual display rivaling that of Washington, DC.
“At the time of sale, each of these properties attracted a great deal of interest from investors seeking to expand their portfolios within Essex County,” added Nicolaou.
Established in 1975, Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey and Pennsylvania, including Philadelphia, as well as New York, the Northeast and nationally. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, the firm is a 10-time CoStar Power Broker.
CMM Strategic Communications
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