381 Centre St. in Nutley — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A mixed-use residential and retail building in Nutley has changed hands among private investors, in a nearly $2 million sale arranged by The Kislak Co. Inc.
Brokers with the firm represented both parties in the sale of 381 Centre St., which sold for $1.885 million. Located in downtown Nutley, the three-story brick building is home to seven residential units and five retail spaces.
Kislak Sales Associate Tom Scatuorchio marketed the property on behalf of the seller, while Sales Associate Michael Kossak represented the buyer.
“This is the second sale that I handled for this longtime owner,” Scatuorchio said. “After discussions about the evolving market and potential interest rate increases, the owner recognized it was an ideal time to sell.
“Our marketing efforts generated a great deal of interest among investors, and ultimately the owner proceeded with the purchaser that had submitted the highest and best offer.”
In a new release, Kislak touted a retail tenant mix that includes a custom tailoring shop, a bridal store, two eateries and a nail salon at the street level. The retail spaces have never been vacant since the building first opened, the firm said.
The second and third floors are home to a mix of one-, two- and three-bedroom apartments that benefit from new water boilers. The property is also adjacent to two municipal parking lots and within walking distance of schools, parks and shopping, with a bus stop directly outside.
“When we market a quality building like this one in a desirable town such as Nutley, we attract significant interest from investors,” Kossak said. “This purchaser was familiar with the area, the town’s rent control and knew there was value to be added through renovations and subsequent rent increases. Thus, he was able to buy the building at an aggressive price.”