Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 6508 Dewey Ave., a 20-unit apartment property located in West New York, New Jersey. The four-story asset sold for $2,775,000.
“This well-maintained property posed a great opportunity for the buyer,” said Kevin Taub, senior associate. “Despite the current economic climate, Marcus & Millichap’s platform, coupled with my brokerage expertise, allowed me to successfully engage one of the largest buyers in Hudson County.”
Kevin Taub, an investment specialist in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a New Jersey-based private investor, was also procured by Kevin Taub.
The property is on the southeastern corner of Dewey Avenue and 66th Street and is easily accessible from Interstate 9 and 3 which feeds into Interstate 495, 95, and the Garden State Parkway.
The brick walk-up building features a unit mix of four one-bedroom/one-bath, 12 one-bedroom/one-bath, and four two-bedroom/one-bath apartments. Constructed in 1900, the property has benefited from various interior and exterior upgrades made over the last decade. The seller maintained the building well and the purchasers will benefit from substantial upside potential in the rent, making this deal a strong long-term investment for them.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
