325 First St. in Carlstadt — Courtesy: Marcus & Millichap
By Joshua Burd
A cash buyer has purchased an eight-unit apartment building in Carlstadt for $1.325 million, in a newly announced deal by Marcus & Millichap.
The brokerage team said the property, 325 First St., drew interest thanks in part to its Bergen County location and proximity to the Meadowlands Sports Complex and American Dream. It’s also accessible via mass transit and nearby highways, including routes 17, 3 and 21 and the New Jersey Turnpike.
Marcus & Millichap’s Devin Perez, Alan Cafiero and Dean Matuszewicz represented the seller and procured the buyer of the two-story building, which has studio and one-bedroom rentals.
“We continue to see northern New Jersey attract strong demand from the investment community due to its high barriers to entry, strong demographics and proximity to New York City,” said Perez, an associate director for investments in Marcus & Millichap’s New Jersey office. “By creating broad market exposure, we were able to generate multiple offers and secure an all-cash 1031 buyer within two weeks of marketing the property.”
