Cervelli closes $1 million sale of six-unit rental building in Newark’s Ironbound – Real Estate NJ

138 South St. in Newark — Courtesy: Cervelli Real Estate & Property Management

By Joshua Burd

A private investor has sold a six-unit apartment building in Newark’s popular Ironbound section, in a newly announced deal by Cervelli Real Estate & Property Management.

The brokerage team represented the seller in the $1.02 million transaction at 138 South St. The property, a 6,500-square-foot brick structure, is a block east of McCarter Highway and less than a mile from Newark Penn Station, while residents have quick access to the Ironbound’s mix of shops, restaurants and nightlife offerings.

“The building owner had purchased the property as a family investment and had experienced considerable appreciation as this section of the city has seen enormous demand,” Cervelli wrote in a press release. “Rent growth has pushed a lot of residents from neighboring Hudson County in search of better value and given this property’s access to public transportation, it’s no surprise.”