1815-17 Springfield Ave. in Maplewood — Courtesy: Zoltek Realty
By Joshua Burd
A local investor has acquired a mixed-use retail and residential property in one of Maplewood’s main business districts, according to the brokerage firm Zoltek Realty.
The firm said the brick building, located at 1815-17 Springfield Ave., is 100 percent occupied across two retail spaces and five apartments. The property also includes five garages.
Zoltek represented both the seller, Embear LLC, and the buyer in the deal.
“The building has excellent location in the city’s busiest retail district,” said Urszula Zoltek, principal with Rutherford-based Zoltek Realty. “It was sold for a 7 cap and very close to $100,000 per unit to a local multifamily real estate investor.”
Each retail and residential unit has separately metered utilities, Zoltek said.