Caldwell multifamily property sells for $3.5M, Kislak says

A multifamily property with 15 units situated in a high-traffic commercial corridor with access to bus lines and two commuter rails in Caldwell has changed hands for $3.465 million.

The Kislak Co. Inc. announced the recent sale on March 24. The firm marketed the property on an exclusive basis on behalf of the repeat-client seller, Jenn & Ann Caldwell Realty LLC, with Senior Vice President Robert Squires leading the assignment. Vice President Michael Kossak procured the buyer, 412-416 Bloomfield Avenue LLC.

“There is a huge demand for well-maintained apartment buildings in northern New Jersey and these buildings, in a great rental market, offer a large upside in rents,” Squires said in a statement. “It was such a pleasure to work on this transaction in which the owners engaged us to represent them in the sale of this beautiful, pre-war building. We demonstrated significant value by generating a dozen offers, with the sellers proceeding with the highest and best offer.”

Located at 412-416 Bloomfield Ave. and built in 1927, the three-story brick building includes a mix of studio, one- and two-bedroom layouts, and four stores, across its 10,000 square feet. According to Kislak, nine of the residential units at the property are fully renovated with new kitchens and bathrooms. The remaining units, Kislak said, with below market rents offer a large financial upside.

The property also features a new boiler and video camera system.