NAI Hanson Completes Sale of Garden Apartment Building in Cliffside Park, N.J.
CLIFFSIDE PARK, N.J. (Sept. 4, 2013)– NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced the sale of an 11-unit garden apartment building at 250 Palisade Ave. in Cliffside Park, N.J. The site changed hands for $1.22 million.
A NAI Hanson team of Director of Multi-Family Group Enn Kunnapas, Senior Vice President Gary P. Sauerborn and Associate Vice President Dominic Fittizzi completed the transaction on behalf of seller, DLP LLC, and buyer, Jennell Realty LLC.
Built in 1950, the two-story building, located on the corner of Palisade Avenue and Main Street, contains a mix of four studios, six one-bedroom units and one two-bedroom unit. The rent ranges from $715 for a studio to $1,345 for a two-bedroom unit.Amenities include on-site laundry facilities. Tenants pay electric, gas, heat and hot water.
“Bergen County is one of the most desirable residential markets in the country, making this property a very attractive investment opportunity,” Kunnapas said. “I expect itwill provide a nice return for the investor and is a great selection for a long-term hold.”
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.