Michael Cervelli Real Estate announces the sale of 66-68 West Palisade Avenue in Englewood, NJ
The property is a mixed-use investment property with three stores and three apartments featuring separate utilities. James Cervelli orchestrated the sale, which involved negotiating leases in order to stabilize the asset and demonstrate its investment value. Once the commercial tenants were in place, a buyer was secured.
A sale price of $850,000 and capitalization rate of 7.7% signals the continued strength in investment sales in Bergen County which as been driven by low interest rates and strong demand for safe investment platforms.
