JP 3E Holdings Inc (JPTE)

[I ll be back]

That's crazy!

in 2023 for a whopping $4,195,000

Do the math, all one has to do is look at the land values or what is called a price per unit. If you look at the county records and compare the recent purchase against the number of apartments posted in the PR, at the $24M value, take 20% for the commercial space, less the demo and site prep and you would have a good comp for the land value. Bottom line, there is no WAY anyone would pay $4.2M plus site costs.

While retail is currently behind office space in terms of demand, IF the strip center is occupied, this center has an existing value that would be hard to justify a tear down on. If you get time, check the square footage of the site with NJ county assessor.

Not saying it can't be done without seeing the plans for the new project but given the number of strip centers I torn down, this one doesn't look like it meets the unit values given its condition.