Redwood Realty brokers $3.075 million sale in Chatham, NJ
Chatham, NJ — Redwood Realty Advisors announced the sale of 258 Main St. in Chatham for a sale price of $3.075 million. The 12,000 s/f mixed-use property included 10 apartment units and two commercial spaces.Originally built in 1927, the property sold for a competitive cap rate of 5.2%. “We knew this property would garner a lot of interest, because it is a rare investment opportunity in a high-demand market,” said Kevin McCrann, a managing partner at Redwood Realty Advisors. Chatham has emerged as a hot housing market due to its quality of life and easy access into New York City for commuters. In this case, the property was especially attractive as it is located in the center of town and a short walk to the Chatham Train Station and the Midtown Direct Train Line.