Marcus & Millichap on Monday announced the sale of two prime mixed-use assets along Washington Street in Hoboken — the “Mile Square City’s” premier commercial artery. The two separate transactions, totaling $5,801,000, underscore the sustained investor appetite for “durable” street-level retail combined with residential units in high-traffic urban corridors.
The deals were spearheaded by investment specialists Alan Cafiero, Devin Perez and Dean Matuszewicz of Marcus & Millichap’s New Jersey office.
The team facilitated the sale of both midtown and uptown assets, representing a cross-section of Hoboken’s diverse real estate landscape:
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420 Washington St.: Located just four blocks from the Hoboken PATH station, this three-unit, 3,950-square-foot building sold for $2,850,000. The property features a ground-floor retail space currently occupied by Delite Wine & Spirits, with two residential apartments above.
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1004 Washington St.: Situated in the sought-after “uptown” district, this four-story, 6,900-square-foot building commanded $2,951,000. The asset includes one ground-floor retail unit and four residential apartments.
The sale comes at a time when Washington Street is seeing a surge of new investment. Major national brands like New Balance and Pura Vida Miami are slated to open nearby in early 2026, further cementing the corridor’s status as a top-tier retail destination.
“Washington Street continues to distinguish itself as one of the most sought-after retail corridors in the state,” Perez said. “Both properties attracted significant interest from investors seeking stable street-level retail with residential components in a high-barrier-to-entry market.”
Hoboken’s mixed-use market has remained remarkably resilient despite broader economic shifts. Low inventory and a dense, affluent residential population have kept demand high. According to market data from late 2025, renovated mixed-use properties in Hoboken are commanding significant premiums, often selling at cap rates below 5% due to the long-term appreciation potential of the land and the “sticky” nature of the local tenant base.
The Marcus & Millichap team represented the seller in the 420 Washington deal and both the buyer and seller in the 1004 Washington transaction, showcasing the firm’s deep reach within the local private investor community.
