258 Main St. in Chatham — Courtesy: Redwood Realty Advisors
By Joshua Burd
An investor has paid more than $3 million for a 12,000-square-foot, mixed-use property in Chatham, in a deal announced this week by Redwood Realty Advisors.
The firm said it represented both parties in the sale of 258 Main St., which includes 10 apartments and two commercial spaces. Originally built in 1927, the property sold for $3.075 million, with Redwood touting a cap rate of 5.2 percent.
“We knew this property would garner a lot of interest, because it is a rare investment opportunity in a high-demand market,” said Kevin McCrann, a managing partner at Redwood Realty, which is based in Hasbrouck Heights. He touted Chatham’s emergence as a housing market due to its quality of life and easy commuter access into New York City.
The firm said the buyer, a repeat client, was attracted to the property’s location in the center of town and a short walk to the Chatham train station.
“This was an exciting opportunity for the buyer, who plans on implementing a unit-renovation program to enhance the value and performance of the building,” said Thomas McConnell, also a managing partner at Redwood Realty. “The buyer was a repeat client of our firm that had previously bought a property in Chatham, and they were eager to do another deal where they could execute the same value-add strategy.”