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Multifamily

6111 Park Ave

6111 Park Ave, West New York, NJ 07093

Listing Price: $2,300,000

Cap Rate
6.20%
Number of Units
8
GRM
11.72
Price/Unit
$287,500
Price/Gross SF
$245.25
Gross SF
9,378

Investment Overview

Marcus and Millichap has been retained on an exclusive basis to market for sale an 8 unit brick multifamily building in West New York, New Jersey. The building is comprised of four 2 bedroom 1.5 bathroom apartments and four 2 bedroom 2 bathroom apartments. The property lays on a 50x 100 lot.

There is about 20% upside in the under market rents that the building is currently generating. Current value add play with the seller in the process of getting approved a commercial component converting the two car garage into retail with a potential sale lease back.

The property is located conveniently near Boulevard East and Anthony Defino way which will take you to River Rd within a short distance to the Port Imperial ferry. There is also a bus stop within 200 feet of the building that will take directly into the Port Authority Bus Terminal in Manhattan. It is a very short walking distance from shopping, entertainment, dining and parks including both Donnely Memorial and Auf Der Heide Park. West New York remains in high demand for being both a landlord friendly municipality in Hudson County and strong rental market being it is one of the densest cities in the entire country.

Investment Highlights

  • 8 Unit Brick Three Story Walk Up With Parking Garage On First Floor
  • Strong Unit Mix Of All 2 Bedroom Apartments With 1.5 & 2 Bathrooms
  • Tenants Are Responsible For Separate Utilities
  • Value Add – Double Car Garage Conversion Into Retail Space Already In Place
  • Many Recent Capital Improvements
  • Long Term Ownership
  • 20% Upside In Under Market Rents
  • Prime Location Near Desirable Boulevard East & River Road

Exclusively Listed By

Multifamily

6111 Park Ave

Listing Price: $2,300,000

Cap Rate
6.20%
Number of Units
8
GRM
11.72
Price/Unit
$287,500
Price/Gross SF
$245.25
Gross SF
9,378

Investment Highlights

  • 8 Unit Brick Three Story Walk Up With Parking Garage On First Floor
  • Strong Unit Mix Of All 2 Bedroom Apartments With 1.5 & 2 Bathrooms
  • Tenants Are Responsible For Separate Utilities
  • Value Add – Double Car Garage Conversion Into Retail Space Already In Place
  • Many Recent Capital Improvements
  • Long Term Ownership
  • 20% Upside In Under Market Rents
  • Prime Location Near Desirable Boulevard East & River Road

Investment Overview

Marcus and Millichap has been retained on an exclusive basis to market for sale an 8 unit brick multifamily building in West New York, New Jersey. The building is comprised of four 2 bedroom 1.5 bathroom apartments and four 2 bedroom 2 bathroom apartments. The property lays on a 50x 100 lot. There is about 20% upside in the under market rents that the building is currently generating. Current value add play with the seller in the process of getting approved a commercial component converting the two car garage into retail with a potential sale lease back. The property is located conveniently near Boulevard East and Anthony Defino way which will take you to River Rd within a short distance to the Port Imperial ferry. There is also a bus stop within 200 feet of the building that will take directly into the Port Authority Bus Terminal in Manhattan. It is a very short walking distance from shopping, entertainment, dining and parks including both Donnely Memorial and Auf Der Heide Park. West New York remains in high demand for being both a landlord friendly municipality in Hudson County and strong rental market being it is one of the densest cities in the entire country.

Exclusively Listed By

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