Investment Overview

Marcus & Millichap is excited to exclusively market the property for sale located at 310 71st Street (Block:23 Lot:13) in Guttenberg, Hudson County, new Jersey. The lot is 50'x100 or 0.1148 acres. The eastern half of the property contains a two story, former industrial building constructed in 1890, that was converted into an apartment building. The building contains one studio apartment, three 2Bed/1Bath units and a cavernous 5Bed/2Bath unit. The western half of the property has a sunken garden patio and on grade parking for the tenants. The unit mix is well suited to meet the needs of the local Hudson County market, however, due to the expansive size of some of the units a reconfiguration of the building could maximize the return on investment for a new owner. The property is located midblock on the north side of 71st Street between Hudson and Palisade Avenue in a quiet section of Guttenberg. The property is approximately one mile north of the Lincoln tunnel. Guttenberg is a strong rental market that has successfully captured tenants from New York City, Jersey City and Weehawken and Hoboken because it is a better "Bang for your Buck" with easy access to New York City and all points of interest in New Jersey. The site is easily accessible via interstates 495 and 78, the Lincoln Tunnel, routes1-9 and 139 all within 1.5 miles. Tenants in the building can reach New York City Port Authority in 30 minutes by car or 45 minutes via New Jersey Transit buses and trains. The property located at 310 71st Street in Guttenberg represents a solid investment based on the strength of the current cash-flow and the future potential income. The current gross rent of $113,508 can be increased to $151,200 through reconfiguring units and bringing them to market rents. This increases the Net Operating Income from $77,945 to $112,536. The Cap rate would increase from a 5.65% cap rate to 8.15% with a cash-on-cash return of 8.36% and a total return of 9.70%.