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Multifamily

Hudson County Portfolio

973 Summit Ave, Jersey City, NJ 07307

Listing Price: $76,000,000

Cap Rate
5.10%
Number of Units
319
Price/Unit
$238,245
Price/Gross SF
$315.75
Gross SF
240,700

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a multifamily portfolio in Hudson County containing 319 units across 30+ buildings. The building are located primarily in Jersey City, while several building are located in Bayonne. The properties have a great unit mix ranging from studios to three beds, with 77% of units consisting of two & three bedroom apartments. Jersey City is known for it’s easy going rent control program, with automatic increases up to 4% annually, along with it’s renovation program that allows for additional increases. Bayonne has permanent vacancy decontrol with only 6 out of the 54 units still under rent control. Across the portfolio, there remains 31% upside in the rents, allowing for an investor to continue to grow the rents considerably through apartment renovations. The owner has invested a lot in these buildings and over the years has separated out the majority of the utilities for the tenants to pay. Over 80% of the tenants pay for their own heat, 57% for their hot water and 51% of the tenants pay for their own cold water/sewer. Additionally, the portfolio has 214 out of the 319 units that has gone through a renovation in the past 10 years. This investment is an incredible opportunity to invest in one of the fastest growing rental markets and grab a large market share of multifamily buildings. All the properties have convenient transportation options and are in walking distance, under 10 minutes, to a bus with direct routes to Manhattan anywhere from 15 - 50 minutes depending on location. There is also a light rail with stops close by to the properties that runs through Bayonne & Jersey City giving tenants another convenient alternative to getting into NYC. The buildings also all have direct access to interstates I-95, I-78, and route 1 & 9.

Investment Highlights

  • 319 Units
  • 31 % Upside
  • 5.10% Current Cap

Exclusively Listed By

Multifamily

Hudson County Portfolio

Listing Price: $76,000,000

Cap Rate
5.10%
Number of Units
319
Price/Unit
$238,245
Price/Gross SF
$315.75
Gross SF
240,700

Investment Highlights

  • 319 Units
  • 31 % Upside
  • 5.10% Current Cap

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a multifamily portfolio in Hudson County containing 319 units across 30+ buildings. The building are located primarily in Jersey City, while several building are located in Bayonne. The properties have a great unit mix ranging from studios to three beds, with 77% of units consisting of two & three bedroom apartments. Jersey City is known for it’s easy going rent control program, with automatic increases up to 4% annually, along with it’s renovation program that allows for additional increases. Bayonne has permanent vacancy decontrol with only 6 out of the 54 units still under rent control. Across the portfolio, there remains 31% upside in the rents, allowing for an investor to continue to grow the rents considerably through apartment renovations. The owner has invested a lot in these buildings and over the years has separated out the majority of the utilities for the tenants to pay. Over 80% of the tenants pay for their own heat, 57% for their hot water and 51% of the tenants pay for their own cold water/sewer. Additionally, the portfolio has 214 out of the 319 units that has gone through a renovation in the past 10 years. This investment is an incredible opportunity to invest in one of the fastest growing rental markets and grab a large market share of multifamily buildings. All the properties have convenient transportation options and are in walking distance, under 10 minutes, to a bus with direct routes to Manhattan anywhere from 15 - 50 minutes depending on location. There is also a light rail with stops close by to the properties that runs through Bayonne & Jersey City giving tenants another convenient alternative to getting into NYC. The buildings also all have direct access to interstates I-95, I-78, and route 1 & 9.

Exclusively Listed By

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