Press Release brought to you by Cervelli Real Estate
Cervelli Real Estate sells a 7-unit apartment house in Union City
North Bergen: Michael Cervelli Real Estate announces the sale 507 5th Street in Union City, which is a 7-unit apartment house. The seller originally purchased the property through Chris Cervelli about 10 years ago and decided now was the time to take advantage of his equity gain. Union City is very attractive to investor’s because of its proximity to New York Transportation and its very dense population. As of 2010 Census, Union City was the most densely populated City in the United States. “The vacancy rate is near zero in this market. Very often, a landlord will have a new tenant lined up for a coming vacancy.”- said Chris Cervelli.
The property sold for $335,000, which based on the income of the property provided a capital return to the investor of 9% and a Gross Rent Multiplier of 5.73.
Founded in 1983, Michael Cervelli Real Estate, headquartered in North Bergen, New Jersey, is acknowledged as one of Northern New Jersey’s most experienced agencies specializing in investment real estate sales. Aimed at providing professional brokerage services to private investors and financial institutions involved in income-producing multifamily properties and shopping centers, the company has posted steadily increasing sales results. Michael Cervelli Real Estate is known for its’ unparalleled reputation of honesty, integrity, and experience in the investment real estate industry.
03/22/2013 - 16:51