500 rt 17 south, suite 303
hasbrouck heights, nj 07604

t. 201.383.4044 | f. 201.383.4088
44 Executive Boulevard, Suite 206
Elmsford, NY 10523

t. 914.208.2200 | f. 914.208.2201
case studies
the Property
Location: Hasbrouck Heights, NJ
Size: 42 units (32 apartments and 10 commercial units)
Sale price: $5.4 million
Date closed: 2016
the Challenge
This property features 32 apartments and 10 commercial units. One of the challenging aspects of this project is that the majority of the commercial leases were either month-to-month or close to expiring. Many of the prospective buyers who look to acquire mixed-use product are most concerned about leasing risk related to the commercial component. Some of the apartment units also needed minor cosmetic work. In addition, the seller wanted to move quickly. They were planning to do a 1031 tax-deferred exchange and had already identified their exchange property.
the Solution
The Redwood Realty team met with the owner to discuss their objectives and quickly put a plan in place to meet their goals. Prior to bringing the project to market we made sure all of the commercial tenants had leases in place and were sustainable for a potential buyer. We also made recommendations on minor repairs to be completed at the property and within individual residential units. Our team knew that timing was essential to our client and the project was positioned to market within one week.
the Result
Within 45 days we fielded approximately eight offers and selected the most aggressive. The buyer for this Bergen County asset was sourced by our team specializing in Hudson County. Collaborating as a team allowed Redwood Realty to source an out-of-area buyer who would have been otherwise overlooked. The seller was pleased we were able to act quickly and still command an aggressive price that allowed them to purchase a new asset via a 1031 exchange.

Hackensack

Chatham

Hasbrouck

500 route 17 south, suite 303
hasbrouck heights, nj 07604
t. 201.383.4044 | f. 201.383.4088
44 Executive Boulevard, Suite 206
Elmsford, NY 10523
t. 914.208.2200 | f. 914.208.2201