Investment Overview

Marcus & Millichap is pleased exclusively market, for sale, the property located at 242 Westminster Place (block: 56 Lot: 1) in Lodi, Bergen County, New Jersey. The property is a 2-story walk up building on a 50x100’ (.01148 acre) lot with 5 one-bedroom/one-bathroom apartments. The building has benefited from the 20-year, long-term professional ownership. The building and units are well suited for the Lodi market’s demand as evidenced by the owner’s ability to maintain a 100% occupancy rate. Since taking ownership of the property the owner has substantially improved the mechanical systems through upgrading the electrical system 4 years ago, providing individual hot water heaters and the installation of a new chimney liner. Units 1, 3 and 4 have been fully gut renovated down to the studs and have been converted to 100% electric operated units. Additional improvements to these units include new electrical systems, plumbing and complete installation of modern kitchens and bathrooms. Units 2 and 5 were recently updated with separate hot water heaters and boilers. All tenants pay for their own heat, cooking gas and electric usage. The Landlord covers common area electric, water/sewer and gas for the dyer in the basement. The building has a hard-wired smoke alarm system complete with central station monitoring The property is located at the southeast corner of Westminster Place and 1 st St. in a very residential section of Lodi. Young professionals find this property perfected suited for their needs because it is well maintained and 20 minutes out of New York City in a strong Bergen County Municipality. In addition, it is 2 blocks away from Thomas Jefferson Middle School, 5 blocks from Roosevelt Elementary School, 5 blocks from the Bergen Arts and Science Charter School and 5 blocks from the Boys and Girls Club of Lodi. Tenants in the building have easy access to shopping along Route 46 and access to all points of interest in New Jersey because the building is less than ½ mile from I-80, Routes 21, 17, 46 and 3. Access to New York City is available with the George Washington Bridge only 10.7 miles away. Public transportation is easily available with NJ Transit bus lines 157, 168, 83, 155, and 165 all within ½ mile of the property. The property located at 242 Westminster Place is Lodi, Bergen County New Jersey represents a solid investment based on the strength of the current income, the underlying real estate, its proximity to New York City and the related demand