420 Washington St. in Hoboken — Courtesy: Marcus & Millichap
By Joshua Burd
Two mixed-use buildings in Hoboken have changed hands in separate deals, fetching a combined $5.8 million in transactions arranged by Marcus & Millichap.
In the first sale, a private investor paid $2.85 million for a three-unit property at 420 Washington St. Marcus & Millichap’s Alan Cafiero, Devin Perez and Dean Matuszewicz represented the seller and procured the buyer, noting that the 3,950-square-foot building is four blocks from the Hoboken PATH station and includes a ground-floor retail space occupied by Delite Wine & Spirits with two apartments above.
The team also represented both parties in the second transaction, at 1004 Washington St., where an investor purchased a four-story, 6,900-square-foot property with one ground-floor retail unit and four apartments. The building traded for $2.951 million.
“Washington Street continues to distinguish itself as one of the most sought-after retail corridors in the state, driven by its dense residential population, strong pedestrian traffic and limited supply of core mixed-use buildings,” said Perez, an associate for investments in Marcus & Millichap’s New Jersey office. “Both properties attracted significant interest from investors seeking durable street-level retail with residential components in a high-barrier-to-entry market.”
