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Mixed-Use

423-429 Main St, Ridgefield Park

423 Main St, Ridgefield Park, NJ 07660

Listing Price: $1,550,000

Cap Rate
6.50%
Number of Units
9
Occupancy
100.0%
Price/Unit
$172,222
Price/Gross SF
$198.72
Gross SF
7,800

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a nine unit mixed use building in Ridgefield Park, New Jersey. The property has six apartments and three commercial units. The apartments currently have 21% upside from the existing rents which can be percent realized through Ridgefield Parks very generous rent control laws. Ridgefield Park allows for vacancy decontrol, which permits you to bring the rents to market upon any turnover. The property has gone through recent improvements including a commercial unit being fully renovated and one apartment that has recently been gut renovated with a brand new kitchen, bathroom, and more. The current owner recently installed new windows and new boilers & hot water heaters throughout the property. There are also security cameras throughout the property. The residential tenants are currently responsible for heat, hot water, cooking gas & electric. Ridgefield Park is located 12.5 miles from New York City and is situated closely to Interstate 80, Interstate 95, Route 4, Route 1&9 and more. The subject property has immediate access to transportation at the Main Street Bus Station which offers a 25 minute commute into Manhattan. 423 Main Street is also located 2.5 miles from Teterboro Train Station which offers a 32 minute ride into Midtown Manhattan. Major retailers and entertainment centers including the American Dream Mall, Garden State Plaza, The Shops at Riverside and Overpeck park are all within a 10 minute drive from the property.

Investment Highlights

  • 21% Upside from Existing Apartment Rents
  • Easy Access to Interstate 80, Interstate 95, Route 4, Route 1 & 9 and More
  • The Property is Steps from the Main Street Bus Stop Which Offers a 25 Minute Ride into Midtown Manhattan

Exclusively Listed By

Mixed-Use

423-429 Main St, Ridgefield Park

Listing Price: $1,550,000

Cap Rate
6.50%
Number of Units
9
Occupancy
100.0%
Price/Unit
$172,222
Price/Gross SF
$198.72
Gross SF
7,800

Investment Highlights

  • 21% Upside from Existing Apartment Rents
  • Easy Access to Interstate 80, Interstate 95, Route 4, Route 1 & 9 and More
  • The Property is Steps from the Main Street Bus Stop Which Offers a 25 Minute Ride into Midtown Manhattan

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a nine unit mixed use building in Ridgefield Park, New Jersey. The property has six apartments and three commercial units. The apartments currently have 21% upside from the existing rents which can be percent realized through Ridgefield Parks very generous rent control laws. Ridgefield Park allows for vacancy decontrol, which permits you to bring the rents to market upon any turnover. The property has gone through recent improvements including a commercial unit being fully renovated and one apartment that has recently been gut renovated with a brand new kitchen, bathroom, and more. The current owner recently installed new windows and new boilers & hot water heaters throughout the property. There are also security cameras throughout the property. The residential tenants are currently responsible for heat, hot water, cooking gas & electric. Ridgefield Park is located 12.5 miles from New York City and is situated closely to Interstate 80, Interstate 95, Route 4, Route 1&9 and more. The subject property has immediate access to transportation at the Main Street Bus Station which offers a 25 minute commute into Manhattan. 423 Main Street is also located 2.5 miles from Teterboro Train Station which offers a 32 minute ride into Midtown Manhattan. Major retailers and entertainment centers including the American Dream Mall, Garden State Plaza, The Shops at Riverside and Overpeck park are all within a 10 minute drive from the property.

Exclusively Listed By

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