105 Marion St
Paterson, NJ 07522
The Hamilton Heights Condominiums · Multifamily Property For Sale · 25 Units

Marcus & Millichap is pleased to exclusively offer for sale Hamilton Heights, a recently constructed apartment building consisting of 25 condo units. Located at 105 Marion and 110 Kearney Streets, the Hamilton Heights offers potential investors a unique opportunity to own a turnkey, multifamily asset in an emerging market. Investors will immediately benefit from the stable cash flow of in-place leases with an annual gross rent of $393,804 representing a 6.02% CAP Rate at Asking Price. Current income and an assumable mortgage of 3.95% can provide investors with a year one cash-on-cash return of 7.38%. Located on the northern edge of the Historic District of the City of Paterson, the former historic Hoxsey-Horandt Mill is situated in a residential neighborhood of churches and one and two family homes in the middle of the block formed by Marion and Kearney Streets and Totowa and Union Avenues. It is a short walking distance to the busy commercial Union Avenue shopping district, and provides easy access to major retail destinations, both Center City in Paterson and Willowbrook Mall in Wayne via Union Avenue to Interstate Route 80, Routes 46 and 3. Union Boulevard is also a major public transportation route. The two building Hamilton Heights mill complex includes both a two and a three story structure, each completely restored in 2008 to offer residents the advantage of living in a certified historic structure, with the benefit of modern luxuries of hardwood floors, wood cabinets, granite counter tops, ceramic tile bathrooms, and much more. In contrast to a newly constructed building with cookie cutter apartments, each residence at Hamilton Heights is part of a retrofit of an historic 19th century mill, providing spacious layouts and a unique design with no two units alike. Many of the units are constructed townhouse style, some with exterior balconies and private ground floor entrances. This offering includes a mix of sixteen-one bedroom, eight-two bedroom, and one-three bedroom units. Units may include lofts, balconies, and/or recreation rooms. Each unit contains multiple over-sized windows providing an abundance of light; state of the art stainless steel appliances with counter depth side by side refrigerators and icemakers; dishwashers; microwaves; ranges; washers and dryers. Special features include central air conditioning, high ceilings, and ample, secure, assigned on site parking spaces. All units are pre-wired for high definition cable and high speed internet access.