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Multifamily

5704 Hudson Avenue, West New York

5704 Hudson Ave, West New York, NJ 07093

Listing Price: $4,200,000

Cap Rate
5.17%
Number of Units
20
Price/Unit
$210,000
Price/Gross SF
$287.67
Gross SF
14,600

Investment Overview

Marcus & Millichap is pleased to evaluate the property located at 5704 Hudson Avenue, West New York, Hudson County, New Jersey. the legal description is Block 65: Lot 3, which is a 0.1041-acre or 4534.60 square foot parcel. the property is located mid-block on the eastern side of the street between 57th and 58th streets. This 4-story brick building contains 20 apartments. The unit mix is as follows: six 1-bedroom and 1-bathroom apartments and fourteen 2-bedroom and 1- bathroom apartments. Three units in the building have been completely gut renovated and re-tenanted and another three units in the building are in the process of a complete gut renovation from the studs in and will be delivered completed. This will allow the new owner to maximize the rental income and property value due to West New York’s allowable capital improvement increases. All units in the building are individually metered for gas and electric usage with tenants paying for their cooking gas and electric. the landlord pays for heat and water/sewer. Capital improvements completed over the past several years include new breaker boxes, meters and electric service from the street, installation of a new hot water heater, pointing of the back of the building, thermosealing the sides of the property and rebuilding the chimney stack and reinforcing the entire column. in addition, a new roof was installed ten years ago along with new windows. The property offers easy access to all points in New Jersey because it is less than five minutes to Routes 1-9 and 3, which both feed into Interstates 495, 95 and the Garden State Parkway. the property is 3.1 miles from the Lincoln Tunnel and 6.1 miles from the George Washington Bridge. Tenants in the building could be at New York port Authority within 45 minutes via the New Jersey Transit busses (154, 165, 166, 168) and New York City public transportation. West New York is a Central Hudson County municipality which has unobstructed views of New York City. It is a strong rental market with average historic occupancy rate hovering around 97.5%. During the pandemic areas like West New York have spiked in value due to renters desiring less densely populated markets with higher quality of life as found in newly constructed luxury apartments in Bergen County. The building at 5704 Hudson Avenue, West New York represents a solid investment based on the strong in-place income generating a total return of 12.59% with the potential to reach 27.75% once all the units are fully renovated. West New York has favorable ordinances allowing Capital Improvement increases to existing units. the market is trending upward and will continue to do so as the demand for new housing continues to exceed the current inventory.

Investment Highlights

  • Four Stories Well-Maintained Building with Twenty Apartments
  • Six 1-Bedroom and 1-Bathroom Apartments and Fourteen 2-Bedroom and 1-Bathroom Apartments
  • Three Units Have Been Fully Gut Renovated and Another Three Are in the Process of Full Gut Renovation
  • All Apartments Are Individually Metered for Electric and Gas Usage
  • Current Green Card

Exclusively Listed By

Multifamily

5704 Hudson Avenue, West New York

Listing Price: $4,200,000

Cap Rate
5.17%
Number of Units
20
Price/Unit
$210,000
Price/Gross SF
$287.67
Gross SF
14,600

Investment Highlights

  • Four Stories Well-Maintained Building with Twenty Apartments
  • Six 1-Bedroom and 1-Bathroom Apartments and Fourteen 2-Bedroom and 1-Bathroom Apartments
  • Three Units Have Been Fully Gut Renovated and Another Three Are in the Process of Full Gut Renovation
  • All Apartments Are Individually Metered for Electric and Gas Usage
  • Current Green Card

Investment Overview

Marcus & Millichap is pleased to evaluate the property located at 5704 Hudson Avenue, West New York, Hudson County, New Jersey. the legal description is Block 65: Lot 3, which is a 0.1041-acre or 4534.60 square foot parcel. the property is located mid-block on the eastern side of the street between 57th and 58th streets. This 4-story brick building contains 20 apartments. The unit mix is as follows: six 1-bedroom and 1-bathroom apartments and fourteen 2-bedroom and 1- bathroom apartments. Three units in the building have been completely gut renovated and re-tenanted and another three units in the building are in the process of a complete gut renovation from the studs in and will be delivered completed. This will allow the new owner to maximize the rental income and property value due to West New York’s allowable capital improvement increases. All units in the building are individually metered for gas and electric usage with tenants paying for their cooking gas and electric. the landlord pays for heat and water/sewer. Capital improvements completed over the past several years include new breaker boxes, meters and electric service from the street, installation of a new hot water heater, pointing of the back of the building, thermosealing the sides of the property and rebuilding the chimney stack and reinforcing the entire column. in addition, a new roof was installed ten years ago along with new windows. The property offers easy access to all points in New Jersey because it is less than five minutes to Routes 1-9 and 3, which both feed into Interstates 495, 95 and the Garden State Parkway. the property is 3.1 miles from the Lincoln Tunnel and 6.1 miles from the George Washington Bridge. Tenants in the building could be at New York port Authority within 45 minutes via the New Jersey Transit busses (154, 165, 166, 168) and New York City public transportation. West New York is a Central Hudson County municipality which has unobstructed views of New York City. It is a strong rental market with average historic occupancy rate hovering around 97.5%. During the pandemic areas like West New York have spiked in value due to renters desiring less densely populated markets with higher quality of life as found in newly constructed luxury apartments in Bergen County. The building at 5704 Hudson Avenue, West New York represents a solid investment based on the strong in-place income generating a total return of 12.59% with the potential to reach 27.75% once all the units are fully renovated. West New York has favorable ordinances allowing Capital Improvement increases to existing units. the market is trending upward and will continue to do so as the demand for new housing continues to exceed the current inventory.

Exclusively Listed By

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