412-416 Bloomfield Ave. in Caldwell — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An ownership team has sold a 15-unit multifamily property in Caldwell for nearly $3.5 million, in a newly completed deal by The Kislak Co. Inc.
According to the brokerage firm, more than half of the apartments at 412-416 Bloomfield Ave. have been fully renovated, fueling interest from investors while providing a value-add opportunity to improve the remaining homes. The property is also home to four retail spaces.
“There is a huge demand for well-maintained apartment buildings in northern New Jersey and these buildings, in a great rental market, offer a large upside in rents,” Kislak Senior Vice President Robert Squires said. “It was such a pleasure to work on this transaction in which the owners engaged us to represent them in the sale of this beautiful, prewar building. We demonstrated significant value by generating a dozen offers, with the sellers proceeding with the highest and best offer.”
Squires represented Jenn & Ann Caldwell Realty LLC, a repeat client, in the $3.465 million sale. Kislak Vice President Michael Kossak procured the buyer, 412-416 Bloomfield Avenue LLC.
The brokers noted that the three-story brick structure, built in 1927, has a mix of studio, one-bedroom and two-bedroom units. Nine of the apartments have been fully renovated with new kitchens and bathrooms, while the others currently have below-market rents and provide financial upside.
The property has convenient access to bus lines and two commuter rails stops, Upper Montclair and Little Falls, which are within five miles.
“We demonstrated that our relationships with and knowledge of the active investors in our markets enabled us to pair the best buyer with the sellers,” Kossak said. “This is the second transaction that we completed for the seller. We recently sold another mixed-use building for them in Caldwell. It was also a pleasure representing the buyer who is a valued client.”
