705 74th St. in North Bergen — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A private investor has purchased a 10-unit apartment building in North Bergen for $1.68 million, according to a brokerage team with Cervelli Real Estate & Property Management.
The listing agent said the property, 705 74th St., changed hands after several recent updates by the seller. They include a new electrical system and repaved driveway, Cervelli said, noting that the mix of one- and two-bedroom homes has separate garage parking.
The sale price equates to a capitalization rate of 5.8 percent.
“Proud to have helped both the buyer and the seller in this transaction,” the firm’s Chris Cervelli said. “The buyer had been in the market for a while, looking for the right deal, and when the seller came to us asking us to find a buyer quickly, we knew who that would be. Working locally gives us an edge in understanding the pulse of the market.”
