5 Charles St. in New Brunswick — Courtesy: The Kislak Co. Inc.
By Tina Traster
The longtime owner of a 14-unit apartment building in New Brunswick has sold the property for $1.8 million in cash, in a deal arranged by The Kislak Co. Inc.
In a news release, Kislak said Senior Vice President Daniel Lanni represented the undisclosed seller in its disposition of 5 Charles St. He also procured the buyer, a private investor, noting that the garden-style property traded at a capitalization rate of 5.7 percent with potential upside in rents.
“This property is in a great location close to Rutgers University,” Lanni said. “The owner decided to sell after over 30 years of ownership and hired Kislak to market the property on an exclusive basis. We were able to quickly attract local and out-of-area investors and procured nine strong offers including an all-cash bid from the winning purchaser.”
Built in 1950, the three-story, brick building has 14 one-bedroom units with updated kitchens and bathrooms and on-site laundry and parking, Kislak said. The property is less than three miles from two stations on NJ Transit’s Northeast Corridor line and within walking distance of banks, eateries, fitness centers and medical facilities.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
