Bergenfield, N.J. (August 6, 2020) – NAI James E. Hanson announces it has negotiated the sale of a 5,000-square-foot mixed-use building located at 205-207 North Washington Avenue in Bergenfield, N.J. NAI James E. Hanson’s Anthony Cassano represented both the seller, JAH Realty Associates, and the buyer, TLC Ventures, in the transaction.
Located on an 8,900-square-foot lot, 205-207 North Washington Avenue is a 5,000-sqaure-foot freestanding mixed-use building that consists of two professional/office suites on the first floor and four one-bedroom apartments on the second floor. The property also features a private parking lot with 14 spaces. Situated on Bergenfield’s main thoroughfare, the property’s central location coupled with its layout make it an attractive investment property. The buyer plans to convert the first-floor professional medical space to four additional residential apartments to generate additional income.
“Well-located mixed-use properties remain highly attractive to investors, even in uncertain market conditions,” said Cassano. “We were pleased to leverage our local market expertise to not only secure a buyer that recognized the property’s income-generating potential but to negotiate a deal at fair market value that was mutually beneficial to both parties.”