360 Washington Ave. in Belleville — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The developer and longtime owner of a 23-unit apartment building in Belleville has sold the property for more than $3 million, in a deal arranged by The Kislak Co. Inc.
In a news release, the brokerage firm said it represented Rancan Real Estate Associates LLC in the $3.125 million transaction at 360 Washington Ave. It also represented the buyer, NMR Group LLC.
“After 45 years of ownership, the family wanted to take advantage of the strong sellers’ market and engaged Kislak to market and sell the property exclusively,” said Kislak Senior Vice President Daniel Lanni, who spearheaded the transaction. “Given our vast database of investors, we quickly procured multiple offers and closed $125,000 over the asking price with strong terms.”
In a news release, Kislak noted that the seller has invested around $200,000 in exterior upgrades over the past two years. Renovations included a new roof, a new front walkway and asphalt repair of the parking lot, along with a complete electrical upgrade, new lighting, refreshed common areas and a recent heat conversion from oil to gas to accompany the addition of new hot water heaters.
Amenities include on-site laundry facilities, air conditioning, off-street parking and high-security doors with intercom entry, the news release said. Located in Belleville’s business district, the apartments are minutes from downtown restaurants, shopping, public transportation and several major northern New Jersey highways.