17 Franklin Ave. in Harrison — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
An investor has purchased a six-unit apartment building with retail space in Harrison for $1.11 million, according to a team with Cervelli Real Estate & Property Management.
In a news release, the brokerage firm said it represented both parties in the transaction at 17 Franklin Ave., touting a sale price reflects that continued demand for well-located properties near mass transit and major employment hubs. That’s on display in Harrison, Cervelli said, citing its development boom and a PATH stop that provides residents with quick access to Newark and Manhattan.
The building’s retail space totals just under 5,000 square feet.
“This transaction highlights the continued appetite for stabilized, income-producing multifamily properties in Harrison,” Cervelli Real Estate’s Chris Cervelli. “The buyer was drawn to the property’s upside potential, excellent walkability and strong rental fundamentals.”
