9 Graham St. in Jersey City — Courtesy: Cervelli Real Estate and Property Management
By Joshua Burd
A private entity has acquired a newly renovated, six-unit apartment building in Jersey City for $1.3 million, in a deal arranged by Cervelli Real Estate and Property Management.
Located in the Heights neighborhood, the property at 9 Graham St. has private terraces and recently updated electric, plumbing and mechanical systems, according to a news release. That helped generate interest in the asset, leading to a sale price that equates to a per-unit price of $216,666 and a capitalization rate of roughly 6 percent.
“The owner was looking to move quickly as they had another downstream opportunity they didn’t want to lose,” Cervelli said in a press release. “Utilizing our resources, the sales team reached out to the most qualified and aggressive buyers in the specific market with the goal of generating the highest offers in the shortest amount of time, ultimately identifying the buyer within our own database.”
