16-Unit North Bergen Apartment Building Sells for $2.6 Million
Cervelli Real Estate closed the sale of a 16-unit apartment building at 9100 2nd Avenue in North Bergen, New Jersey, for $2,600,000, reflecting a 5.9% capitalization rate.
The Challenge
The seller’s goal was to clear $2,600,000 from the sale so they could use the proceeds to purchase a home out of state. The obstacle was timing: interest rates were climbing, which generally pushes buyers to offer less and makes it harder for sellers to hit their price. Getting to the seller’s number meant finding buyers who wouldn’t be scared off by the current interest rate environment.
The Action
Extensive Outreach to Local Owners
Instead of limiting the search to the usual pool of active multifamily buyers, our team reached out directly to owners already established in North Bergen. Many of these owners weren’t actively searching listing sites, but they understood the local market well enough to move quickly on the right opportunity.
A Hybrid Marketing Platform
Direct outreach was paired with a broader marketing platform designed to put the listing in front of as many qualified buyers as possible, not just the ones already watching the market.
Oil Tank Removal and Obtaining Environmental Clearance
The seller and Cervelli Real Estate worked together to remove an oil tank on the property and obtain the required environmental clearance, ensuring it would not hold up the sale.
The Results
The sale achieved the seller’s asking price at a 5.9% capitalization rate, with nine offers received before closing. The buyer was a local landlord already invested in North Bergen, looking to grow their holdings in the area and well-positioned to take advantage of the property’s rent upside under New Jersey’s capital improvement rules.
Testimonial
“Chris Cervelli is highly detailed and a great negotiator. He helped me sell my building, and while there were issues that came up during due diligence, he was on top of it and made sure they were resolved.”
Thinking About Selling Your Multifamily Property?
If you own an apartment building in North Jersey and want to know what it could sell for in today’s market, contact our team to discuss your options.
