Michael Cervelli Real Estate Sells 18 units in Jersey City

Jersey City, NJ – Michael Cervelli Real Estate recently arranged the sale of 184 Fairview Avenue, a 2 store Multifamily complex strategically located in the Journal Square section of Jersey City.

The property consisted of 12 Apartments with a private parking lost and amenities included laundry facilities and terraces. The parcel also enjoys easy access to an arterial network of Public transportation and highways leading to the New Jersey Turnpike and Holland Tunnel.

The private off market sale was orchestrated by Chris Cervelli who quickly identified a qualified buyer who was ready to move quickly. The property was sold for $1,005,000 which represented a 7.9% capitalization rate and $83,750 per unit.

In other news, Chris Cervelli also represented the buyer and seller of 101 Lincoln Street in Jersey City Heights.

The property is a brick 6 family apartment house with separate utilities. The property garnered a sale price of $525,000 which represents a selling  price of $87,500 per unit and resulted in a capitalization rate of 8.9%.