Investment Overview

Marcus & Millichap is pleased to exclusively market the property located at 20 63rd St. (block: 20 Lot: 40) in West New York, Hudson County, New Jersey. The property is a three-story walk up building with six units (two 1Bed/1Bath, three 2Bed/1Bath and one 3Bed/2Bath duplex with yard access and a garage parking space. The property was constructed in 1920 on a 25’x97’ (.0557 acre) lot. The unit mix is well suited for West New York’s market demand for larger units as evidenced by the owner’s historical 100% occupancy rate. The building is well maintained, and every unit is separately metered for their electric and gas usage. The landlord pays heat, hot and cold water and sewer for the apartments while the tenants cover their, cooking gas and electric usage. Three of the units have been fully gut renovated to a luxury standard, including high end appliances and tankless water heaters. The property has been well maintained under the current ownership since 2014. The owner stays on top of ongoing maintenance and within recent years has installed a new high efficiency hot water heater, new boilers, laid a new roof and installed new electrical panels in the property. The property is located 5 doors off Boulevard East on the north side of 63rd St. in West New York, Hudson County New Jersey. Boulevard East runs along the cliff and has incredible views of the New York City Skyline, greatly enhancing the desirability of the subject property. West New York is a strong rental market that has successfully captured tenants from New York City, Jersey City, Weehawken and Hoboken because of its better “bang for the buck” and easy access to New York City. All points of interest in New Jersey and New York City are easily accessible via Interstates 495 and 78, the Lincoln Tunnel, Routes 1-9 and 139 all within 1.5 miles of the property. Tenants in the building could reach New York City Port Authority in 30 minutes by car or 45 minutes via New Jersey Transit buses and Trains. In addition to being geographically desirable, West New York has attracted owners based on the ability of landlords to see a return on investment for capital improvements done to an apartment. The city allows owners to increase the base rental income of an apartment by $50 for every $1,000 spent on unit renovation, after the prior tenant has voluntarily vacated the unit. The property located at 20 63rd st in West New York, Hudson County, New Jersey represents a solid investment based on the huge potential future income. The current gross rental income is $109,860 and can be increased 62% to $177,600, once all units are turned over. Similarly, the current Net Operating income of $58,589 could be increased to $121,028 increasing the cap rate from 5.01% to 10.34%.