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Multifamily

6508 Dewey Avenue

6508 Dewey Avenue, West New York, NJ 07093

Listing Price: $3,400,000

Cap Rate
3.24%
Number of Units
20
Occupancy
100.0%
Price/Unit
$170,000
Price/Gross SF
$238.10
Gross SF
14,280

Investment Overview

Marcus & Millichap is pleased to present the property located at 6508 Dewey Avenue (AKA 219 66th St), West New York, Hudson County, New Jersey. The legal description is Block 12: Lot 4, which is a 0.1-acre or 4,539 square foot parcel. The property is located on the southeastern corner of Dewey Avenue and 66th Street. This 4-story brick, walk-up, building contains 20 apartments. The unit mix is as follows: four Junior 1-bedroom and 1-bathroom apartments, twelve 1-bedroom and 1-bathroom apartments and four 2-bedroom and 1- bathroom apartments. The property is professionally owned and managed by the same family since 6/2/93. Three units in the building have been completely gut renovated and re-tenanted within the past 4 years. All units in the building are individually metered for gas and electric usage with tenants paying for their cooking gas and electric. The landlord pays for heat and water/sewer. A new roof was installed on the property approximately five years ago. Approximately 10 years ago the entire building was pointed, a new roof was installed, and the property was converted to gas with all Department of Environmental Protection certifications available for review. The Bock high efficiency hot water heater was converted to gas and a new premier gas heating gun was installed on the boiler. Two years ago, the electrical circuit breaker boxes were replaced and this past year the fire escapes were scraped and painted. The property offers easy access to all points in New Jersey because it is less than 5 minutes to routes 1-9 and 3, which both feed into I-495, I-95 and the Garden State Parkway. The property is 3.1 miles from the Lincoln Tunnel and 6.1 miles from the George Washington Bridge. Tenants in the building could be at New York port Authority within 45 minutes via the NJ Transit busses (154, 165, 166, 168) and NYC public transportation. West New York is a Central Hudson County municipality which has unobstructed views of New York City. It is a strong rental market with average historic occupancy rate hovering around 97.5%. During the pandemic areas like West New York have spiked in value due to renters desiring less densely populated markets with higher quality of life as found in newly constructed luxury apartments in Bergen County. The building at 6508 Dewey Avenue, West New York represents a solid investment based its incredible physical condition and the huge upside potential, which could generate a total return of 13.15% once all the units are brought to market rents. A greater return can be achieved if all units are fully gut renovated. West New York has favorable ordinances allowing Capital Improvement increases of $50 per month for every $1,000 spent on renovations to existing units. The market is trending upward and will continue to do so as the demand for new housing continues to exceed the current inventory.

Investment Highlights

  • Four-Story Well-Maintained Building with Twenty Apartments
  • Professionally Owned and Managed For 19 Years. Extremely Well Maintained
  • Many Capital Improvements
  • Potential to double the existing rent upon retenanting the building and conducting unit renovations
  • Projected Cap Rate of 8.26% with a Cash-On-Cash Return of 13.15% upon full turnover of the tenancy

Exclusively Listed By

Financing By

Multifamily

6508 Dewey Avenue

Listing Price: $3,400,000

Cap Rate
3.24%
Number of Units
20
Occupancy
100.0%
Price/Unit
$170,000
Price/Gross SF
$238.10
Gross SF
14,280

Investment Highlights

  • Four-Story Well-Maintained Building with Twenty Apartments
  • Professionally Owned and Managed For 19 Years. Extremely Well Maintained
  • Many Capital Improvements
  • Potential to double the existing rent upon retenanting the building and conducting unit renovations
  • Projected Cap Rate of 8.26% with a Cash-On-Cash Return of 13.15% upon full turnover of the tenancy

Investment Overview

Marcus & Millichap is pleased to present the property located at 6508 Dewey Avenue (AKA 219 66th St), West New York, Hudson County, New Jersey. The legal description is Block 12: Lot 4, which is a 0.1-acre or 4,539 square foot parcel. The property is located on the southeastern corner of Dewey Avenue and 66th Street. This 4-story brick, walk-up, building contains 20 apartments. The unit mix is as follows: four Junior 1-bedroom and 1-bathroom apartments, twelve 1-bedroom and 1-bathroom apartments and four 2-bedroom and 1- bathroom apartments. The property is professionally owned and managed by the same family since 6/2/93. Three units in the building have been completely gut renovated and re-tenanted within the past 4 years. All units in the building are individually metered for gas and electric usage with tenants paying for their cooking gas and electric. The landlord pays for heat and water/sewer. A new roof was installed on the property approximately five years ago. Approximately 10 years ago the entire building was pointed, a new roof was installed, and the property was converted to gas with all Department of Environmental Protection certifications available for review. The Bock high efficiency hot water heater was converted to gas and a new premier gas heating gun was installed on the boiler. Two years ago, the electrical circuit breaker boxes were replaced and this past year the fire escapes were scraped and painted. The property offers easy access to all points in New Jersey because it is less than 5 minutes to routes 1-9 and 3, which both feed into I-495, I-95 and the Garden State Parkway. The property is 3.1 miles from the Lincoln Tunnel and 6.1 miles from the George Washington Bridge. Tenants in the building could be at New York port Authority within 45 minutes via the NJ Transit busses (154, 165, 166, 168) and NYC public transportation. West New York is a Central Hudson County municipality which has unobstructed views of New York City. It is a strong rental market with average historic occupancy rate hovering around 97.5%. During the pandemic areas like West New York have spiked in value due to renters desiring less densely populated markets with higher quality of life as found in newly constructed luxury apartments in Bergen County. The building at 6508 Dewey Avenue, West New York represents a solid investment based its incredible physical condition and the huge upside potential, which could generate a total return of 13.15% once all the units are brought to market rents. A greater return can be achieved if all units are fully gut renovated. West New York has favorable ordinances allowing Capital Improvement increases of $50 per month for every $1,000 spent on renovations to existing units. The market is trending upward and will continue to do so as the demand for new housing continues to exceed the current inventory.

Exclusively Listed By

Financing By

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