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Cervelli Real Estate Sold Unit For $530,000 In Jersey City
North Bergen: Michael Cervelli Real Estate announces the sale 234 Clinton Avenue in Jersey City. The property is an 8-unit multi family apartment house located in the Journal Square section of Jersey City. The property sold for $530,000, which represented an 8.7% Capitalization rate and a Gross Rent Multiplier of 6.2. Jersey City has been on fire mainly because of its proximity to New York Transportation. “Jersey City offers more value to a renter working in Manhattan than does Brooklyn or Queens because the apartments are bigger, cheaper, and the commute is typically the same depending on where in Manhattan one is working” Says Chris Cervelli who represented both the buyer and seller in this transaction.
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 - 16:36