25-27 Watsessing Ave. in Bloomfield — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A local investor has acquired an apartment and retail building in Bloomfield for $2.35 million, brokers with The Kislak Co. Inc. announced Wednesday.
According to a news release, the property at 25-27 Watsessing Ave. includes 14 one-bedroom rental units and two ground-floor commercial spaces. Ten of those homes were renovated at the time of the sale, as were the building’s common areas, providing what the brokerage team said was stable in-place income with an opportunity to add value.
Kislak Managing Director Jeff Squires marketed the fully occupied asset on behalf of Watsessing Property Mmgt LLC, the seller. Senior Vice President Tom Scatuorchio procured the buyer, 25 Watsessing Realty LLC.
“This transaction exemplifies the continued strength of transit-oriented multifamily investment in northern New Jersey,” Squires said. “25-27 Watsessing Avenue offered a well-positioned, income-producing opportunity with significant upside potential and a prime location, steps from the NJ Transit Watsessing Train Station.”
That transit connectivity is driving continued investor demand for the surrounding Bloomfield and Watsessing neighborhoods, as is the region’s dense population base and proximity to major North Jersey employment centers.
“The acquisition was completed by an established local investor who transacted on competitive terms, including an accelerated and smooth due diligence process,” Scatuorchio said.
