Investment Overview

Marcus & Millichap is pleased to present 508 N. West Avenue and 515 S. 3rd St, a mixture of thirty-six townhome-style and bungalow-style apartment units located in Vineland, NJ. The collection consists of six buildings (located just five minutes apart). Each of the six buildings located at 508 N. West Ave contain four units each, and the two buildings located at 515 S. 3rd St contain six units each. The investment provides an investor the opportunity to acquire thirty-six apartment units in Cumberland County, NJ, which has been a rent growth leader in New Jersey in recent years. The opportunity provides an investor to capitalize on the below-market rents of the current rent roll, as well as the opportunity to nearly double the rent roll through light renovations to each unit. The townhome-style units located at 508 N. West avenue were completed in 1997 and the bungalow-style units at 508 N. West Ave and townhome-style units located at 515 S. 3rd St were completed in the late 1960's. The townhome-style units located at 508 N. West Ave are comprised of two-bedroom, two-and-a-half bathroom units, the bungalow-style units consist of two-bed, one-bathroom units, and the townhome-style units located at 515 S. 3rd St consist entirely of two-bedroom, one-and-a-half bathroom units. All units are finished with hardwood flooring in bedrooms and living spaces. The kitchens are fitted with vinyl countertops and tile flooring, dishwashers, gas stoves, and microwaves. Each unit relies on window units for air conditioning and gas baseboard-unit heat. There are two designated parking spots for each unit at both properties. Residents enjoy easy access to State Route 55, which runs from Philadelphia to Cape May, and State Route 40, which runs from Atlantic City to Wilmington. There are multiple NJ Transit stop located on Landis Avenue directly in between the two properties, each located just half a mile from the respective properties. Each NJ Transit stop has multiple transit lines running through it, giving residents giving residents a convenient way to get where they need to go. 508 N. West Ave and 515 S. 3rd St offer an investor the unique opportunity to acquire two value-add assets in a strong rental market with a history of steady rent growth.