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Multifamily

Bayonne Value Add Portfolio

102 John F. Kennedy Blvd, Bayonne, NJ 07002

Listing Price: $13,500,000

Cap Rate
4.90%
Number of Units
67
Price/Unit
$201,493
Price/Gross SF
$274.11
Gross SF
49,250

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Four Multifamily Properties in Bayonne, New Jersey. The buildings are an average five minute drive from each other and are in close proximity to a Light Rail Stop with access to NYC in under 25 minutes. The portfolio has a great unit mix of one and two bedroom apartments. 56 of the 67 units are permanently decontrolled, and only eleven units remain under rent control. The buildings have on average of 27% upside in the rents. Tenants are responsible for heat, cooking gas and electric on all buildings except for 102-106 JFK, where the landlord pays for heat and hot water. The buildings have recently had some capital improvements on select buildings including new boilers, a rubberized roof, water heaters, as well as freshly painted common areas and apartments doors throughout. The properties are an average 12 minute walk to a Light Rail Stop with an average trip into NYC in under 25 minutes. The properties are approximately two miles from the projected Bayonne Ferry Terminal which will provide an alternative, time saving route for Manhattan commuters. The buildings also provide for direct access to Interstates Interstate - 95, Interstate – 78, and Route 1 & 9.

Investment Highlights

  • 56 of 67 Apartments Free Market
  • 27% Upside in Rents
  • Each Building is Located an Average 12 Minute Walk to a Light Rail Stop with an Average 30 Minute Trip into NYC
  • Each Building Also has a Bus Nearby with a Direct Trip into NYC

Exclusively Listed By

Multifamily

Bayonne Value Add Portfolio

Listing Price: $13,500,000

Cap Rate
4.90%
Number of Units
67
Price/Unit
$201,493
Price/Gross SF
$274.11
Gross SF
49,250

Investment Highlights

  • 56 of 67 Apartments Free Market
  • 27% Upside in Rents
  • Each Building is Located an Average 12 Minute Walk to a Light Rail Stop with an Average 30 Minute Trip into NYC
  • Each Building Also has a Bus Nearby with a Direct Trip into NYC

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Four Multifamily Properties in Bayonne, New Jersey. The buildings are an average five minute drive from each other and are in close proximity to a Light Rail Stop with access to NYC in under 25 minutes. The portfolio has a great unit mix of one and two bedroom apartments. 56 of the 67 units are permanently decontrolled, and only eleven units remain under rent control. The buildings have on average of 27% upside in the rents. Tenants are responsible for heat, cooking gas and electric on all buildings except for 102-106 JFK, where the landlord pays for heat and hot water. The buildings have recently had some capital improvements on select buildings including new boilers, a rubberized roof, water heaters, as well as freshly painted common areas and apartments doors throughout. The properties are an average 12 minute walk to a Light Rail Stop with an average trip into NYC in under 25 minutes. The properties are approximately two miles from the projected Bayonne Ferry Terminal which will provide an alternative, time saving route for Manhattan commuters. The buildings also provide for direct access to Interstates Interstate - 95, Interstate – 78, and Route 1 & 9.

Exclusively Listed By

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