A 21-unit apartment building on Church Street near Rahway River Park recently sold for $2.4 million.
Heritage House, located at 1909 Church St. adjacent to Rahway River Park between Jackson Avenue and River Road, was acquired in December through the New Jersey office of Marcus & Millichap, according to a report on Thursday by NJBiz.
The $2.4-million sale price works out to an average $114,285 per unit. Built in 1960, the three-story building had an overall assessment of $791,500 for 2018, generating a property tax bill of almost $53,000, according to property records.
The transaction closed in December, according to property records. The deed, recorded by the Union Councy Clerk’s Office on Dec. 28, lists a Cedarhurst, N.Y. address for Heritage House Realty, LLC, as the buyer, and a Clark post office (P.O.) box for the seller, Heritage House, LLC, with remarks indicating “between corp and stockholder.”
Richard Gatto of Marcus & Millichap told NJBiz the property was “an extremely attractive value add opportunity for the investor, as the sellers owned the property for 30 years and maintained it very well.” He was one of three investment sales specialists in the company’s New Jersey office in Saddle Brook that represented the seller and buyer, both of whom were private investors.
Calabasas, Calif.-headquartered Marcus & Millichap is a publicly traded commercial real estate company providing real estate brokerage, investment brokerage, research and advisory services. It trades on the New York Stock Exchange under the symbol MMI.
The sale comes shortly after a recent announcement of Roseland Residential Trust’s sale of Park Square, a 159-unit development downtown. The two-building complex, completed within the past decade, recently sold for $34.9 million, after going for $46.5 million about five years ago. The per-unit average worked out to about $219,500.
Newark-based One Wall Partners acquired the 2.4-acre property from the Mack-Cali, subsidiary but has not yet been recorded in property records.
