172-184 Danforth Ave. in Jersey City — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A private investor has acquired a mixed-use property in Jersey City for $850,000, in a newly announced deal by Cervelli Real Estate & Property Management.
According to the brokerage team, the building at 172-184 Danforth Ave. includes three residential and three commercial units, all of which are fully leased. The prewar brick building drew interest thanks in part to its gross operating income of $91,845 and Jersey City’s rapid growth, Cervelli said, noting that investment specialist Gary Baez led the assignment.
The sale had a capitalization rate of 6.73 percent.
“In the face of a challenging market, the perseverance and expertise of our team were instrumental in securing this profitable deal,” said Michael Cervelli, president of Cervelli Real Estate & Property Management. “Our unwavering commitment to delivering premier investment opportunities to our clients is demonstrated through successful transactions such as this one.”
