SHELDON GOOD & COMPANY TO AUCTION EIGHT APARTMENT BUILDINGS IN NORTHERN NEW JERSEY AS PART OF YEAR END PORTFOLIO LIQUIDATION
NEW YORK, NY – December 1, 2010 – (RealEstateRama) — Sheldon Good & Company, a Racebrook Portfolio Company and America’s leading real estate auctioneer, will hold a year-end liquidation auction of eight apartment buildings in northern New Jersey to be sold individually with suggested opening bids from $350,000. The seller-directed auction offers investors the opportunity to purchase a varied selection of high occupancy properties to be sold at competitive prices.
“With occupancy rates between 90-100% in the eight properties and net operating incomes from $90,000 to $450,000, all of these apartment buildings present an incredible low risk capital investment opportunity for buyers,” said Jeff Hubbard, Executive Managing Director of Sheldon Good & Company. “The seller is using the auction process to expedite the year-end sale of well performing, non-distressed assets so that he has the flexibility to move his capital to other investment opportunities. ”
The apartments are all within a short commuting distance to Manhattan and surrounding business hubs. Six of the eight buildings are located in Elizabeth, NJ. The largest, located at 610 Salem Avenue, is a 77-unit brick building that is 95% occupied and features two passenger elevators and a variety of studio, one- and two-bedroom apartments; it has an NOI of $451,000 and a suggested opening bid of $2,500,000. 470 Jefferson Avenue is a 51-unit brick building that is 94% occupied and features a passenger elevator, 50 onsite parking spaces, and a range of studios, one-, two-, and three-bedrooms; the NOI is $286,000 with a suggested starting bid of $1,500,000. The 43-unit complex at 1108 Anna Street is 100% occupied and features an elevator and mix of studios, one- and two-bedroom apartments; suggested opening bid is $1,250,000 with an NOI of $244,000. 471 Madison Avenue is a 33-unit brick building that is 100% occupied and features a passenger elevator and one-, two, and three-bedroom apartments; the suggested opening bid is $800,000 on an NOI of $193,000. The two brick properties at 541 & 567 Walnut Avenue will be sold together with a suggested opening bid of $850,000 for the combined 37 units that are 98% occupied and feature 37 off street parking spaces and studios, one- and twobedrooms, and an NOI of $192,000.
Located in Orange, NJ at 449 Mountain View Avenue is a 35-unit brick residential building that is 91% occupied and features a passenger elevator and studios, one- and two-bedroom apartments; suggested opening bid is $900,000 and the property’s NOI is $191,000.
In Jersey City, NJ there are six condominiums and one retail space in an 8-unit building at 388 Comminipaw Avenue to be sold in bulk with a suggested opening bid of $350,000 and projected NOI of $90,000. (One unit has been sold.)
Interested buyers can view the available homes and furnished model residences during preauction Open Houses on December 1, 2, 8, 9, 15 and 16 from 10am to 2pm.
The auction will take place on Tuesday, December 21st, at the Hyatt Regency Jersey City, 2 Exchange Place, Jersey City, New Jersey. Registration will begin at 12:00 noon, and the auction will start at 1:00 pm. For more information on the auction and to view the available properties, call 800-516-0014, email auctionrequest (at) sheldongood (dot) com or visit www.njapartmentauction.com.
ABOUT SHELDON GOOD & COMPANY
Sheldon Good & Company is America’s Real Estate Auctioneer. As the nation’s leading provider of strategic marketing and structured accelerated sales solutions, the firm has a 45-year track record of proven results, has sold billions of dollars worth of properties in every real estate asset class, and has the highest closing ratio in the industry.
Sheldon Good & Company is a Racebrook Portfolio Company, part of a family of enterprises offering a wide range of services in the special situation and opportunistic real estate sector that include: advisory and consulting services; acquisition, investment and disposition capabilities; and workout and restructuring services. The firm’s headquarters are based in New York City, with primary offices in Chicago, Miami, Denver, Los Angeles, San Francisco and other strategic locations nationwide.
MEDIA INQUIRIES
Michael Tavani, M18 Co. | T: 212 604 0318 E: michael (at) m18co (dot) com
