Michael Cervelli Real Estate, LLC sells 12 units in Guttenberg
Micheal Cervelli Real Estate, LLC announces sale of 220 70th Street, a 3 story brick apartment house located in Guttenberg, NJ. The area has recently been a hub of activity for multi-family investors, featuring quick and convenient public transportation access to Manhattan. The property traded for $875,000, which represents an 8.4% capitalization rate, at $72,916 per unit demonstrating the continuous vibrancy of the North Hudson market.
This deal is an example of Cervelli Real Estate’s savvy approach to implementing technology to broker quick and seamless exchanges. Christopher Cervelli heard of the deal while traveling, and using their online exchange was able to alert Harald Jonassen of the property. Harald was able to quickly deliver the information to a long-time client and the deal was quickly brought to contract. Cervelli Real Estate’s team based approach, and broad understanding of technology and the market was able to provide value to its client’s
Headquartered in North Bergen, New Jersey, Michael Cervelli Real Estate, LLC was founded in 1983 and is acknowledged as among Northern New Jersey’s most experienced specialists in Investment Real Estate Sales. Aimed at providing professional brokerage services to private investors and financial institutions involved in income producing multi-family properties and shopping centers, the company has posted steadily increasing sales results. Cervelli has an undisputed reputation of honesty, integrity and experience in the Investment Real Estate Industry.