442-446 Market St. in Paterson — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a 13-unit apartment property in Paterson for nearly $1.3 million, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented both parties in the sale of 442-446 Market St., which traded for $1.27 million after receiving nearly 15 offers. Investment specialists Daniel Aviles and Casey Egan completed the transaction out of Marcus & Millichap’s Saddle Brook office, noting that the buyer also was a private investor.
“Paterson continues to see increased interest from out of market investors who might’ve overlooked it short two years ago,” Aviles said. “This market checks off a lot of boxes for investors: dense population, access to public transit and highways, a main downtown area experiencing growth and redevelopment.
“Lastly, when you compare this market to some of the other hot urban markets, you can achieve your upside more easily.”
Egan noted that many of the offers came with no financial contingencies. Ultimately, the Marcus team secured an all-cash buyer that separated himself by doing due diligence up front and signing a contract only subject to only clear title and environmental.
“The demand for value-add properties in these emerging markets in Northern New Jersey continues to grow,” Egan said. “We continue to field daily phone calls from New York investors looking to break into this market and they are willing to offer incredibly strong terms to win deals here.”