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Multifamily

Five10

510 45th St, Union City, NJ 07087

Listing Price: $4,800,000

Cap Rate
5.20%
Number of Units
15
Occupancy
100.0%
Price/Unit
$320,000
Price/Gross SF
$237.95
Gross SF
20,172

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale The Five10, a 2016 constructed multi-family building in Union City. Located at 510 45th Street, the property has 15 two bedroom apartments complete with stainless appliances, stone countertops, stackable washer/dryers and gas fireplaces. The property has a strong cash flow with upside as rents are 13% below market. Potential investors can further increase cash flow by raising parking fees to market rates. The FIVE10 is perfectly located near Bergenline Avenue and 45th Street, less than four miles from New York City which translates to a 20 minute bus ride to Port Authority Bus Terminal. Tenants have easy access to Interstate 95 and Interstate 78, Route 1&9, Route 3, and Route 17, allowing them to quickly arrive at the nearest and best commercial and entertainment venues in the state. Tenants also enjoy the convenience of living five blocks from the Bergenline Light Rail Station, which gives them access to Hoboken and Jersey City in 15 minutes and lower Manhattan in 35 minutes. Union City is one of the most densely populated cities in the United States giving landlords very low historic vacancy and minimal loss in income due to tenant turnover. The FIVE10 is located near major national and local retailers and grocery stores such as ShopRite, Aldi's Walgreen’s, Bank of America, 7-11, and Dollar Tree.

Investment Highlights

  • High-End Finishes: Stone Countertops, Stainless Steal Appliances, Washer/Dryers,
  • Tenants Pay All Utilities Including Water/Sewer
  • 2016 Construction
  • 17% Upside in EGI Through Increasing Rents and Implementing Market Rate Parking Fees.

Exclusively Listed By

Financing By

Listing Price: $4,800,000

Cap Rate
5.20%
Number of Units
15
Occupancy
100.0%
Price/Unit
$320,000
Price/Gross SF
$237.95
Gross SF
20,172

Investment Highlights

  • High-End Finishes: Stone Countertops, Stainless Steal Appliances, Washer/Dryers,
  • Tenants Pay All Utilities Including Water/Sewer
  • 2016 Construction
  • 17% Upside in EGI Through Increasing Rents and Implementing Market Rate Parking Fees.

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale The Five10, a 2016 constructed multi-family building in Union City. Located at 510 45th Street, the property has 15 two bedroom apartments complete with stainless appliances, stone countertops, stackable washer/dryers and gas fireplaces. The property has a strong cash flow with upside as rents are 13% below market. Potential investors can further increase cash flow by raising parking fees to market rates. The FIVE10 is perfectly located near Bergenline Avenue and 45th Street, less than four miles from New York City which translates to a 20 minute bus ride to Port Authority Bus Terminal. Tenants have easy access to Interstate 95 and Interstate 78, Route 1&9, Route 3, and Route 17, allowing them to quickly arrive at the nearest and best commercial and entertainment venues in the state. Tenants also enjoy the convenience of living five blocks from the Bergenline Light Rail Station, which gives them access to Hoboken and Jersey City in 15 minutes and lower Manhattan in 35 minutes. Union City is one of the most densely populated cities in the United States giving landlords very low historic vacancy and minimal loss in income due to tenant turnover. The FIVE10 is located near major national and local retailers and grocery stores such as ShopRite, Aldi's Walgreen’s, Bank of America, 7-11, and Dollar Tree.

Exclusively Listed By

Financing By

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