Marcus & Millichap on Monday announced the sale of a 13,600-square-foot mixed-use property in downtown Perth Amboy for $2,983,334. The transaction underscores the sustained investor interest in core urban real estate.
The three-story asset, located at 112–114 Smith St. at the prominent “Five Corners” intersection, was fully occupied at the time of sale. It comprises 10 residential units and one ground-floor retail space, currently leased to Alex Diamonds. The residential component includes a mix of two studios, six one-bedroom units and two two-bedroom units.
Brent Hyldahl, managing director Investments in Marcus & Millichap’s New Jersey office, commented on the sale: “This transaction highlights the continued demand for stabilized mixed-use assets in walkable downtown cores across New Jersey.”
Hyldahl and Alan Cafiero represented the seller, 112 Smith Street Realty Trust, and successfully procured the buyer, 112-114 Smith Street, LLC.
The property’s location offers excellent regional access, being minutes from the Outerbridge Crossing and easily accessible via major highways, including the Garden State Parkway, New Jersey Turnpike, and U.S. Highway 9.
