Marcus & Millichap has been selected to exclusively market 11 W 17th street in Bayonne NJ. The property is a three story, frame, walk-up 6-unit apartment.
The building contains a desirable unit mix with one (1) one-bedroom & five (5) two-bedroom apartments. Of the six residential units five are decontrolled. Each unit is separately metered for electric usage, cooking gas & heating. The landlord is solely responsible for cold water and sewer for the apartments.
The subject property has been family owned for the last thirty-five years. Within the last ten years the owner has replaced the roof, down to the studs, and five of the six water heaters were replaced with additional general upgrades to the units.
11 W 17th street offers a qualified investor a true value add opportunity. Currently, two of the six units are vacant (units 5 & 6). Upon closing investors will have the immediate ability to reposition two, two-bedroom, units where the market commands $1,400+ in rent. The reposition will boost an investors cash-on-cash return to 6.75%+ with an additional 12% upside in rental income for the remaining units. Furthermore, an investor could seek an additional $75 monthly increase for parking.
The property, situated in between Avenue C and Broadway, offers residents ease of access with walking distance to many dining and entertainment outlets. In addition, for the transit-oriented tenant, the property is within walking distance to either the NJ Transit Bus or the Hudson-Bergen Light Rail station. Both modes of transportation, with transfer to the NJ Path in Jersey City, allows direct access to lower Manhattan in 45 minutes. Additionally, the subject property is perfectly placed among major highways such as I-278 and I-78.
Located in Lower Hudson County, Bayonne is one of the most progressive municipalities. Having eliminated rent control for existing properties and encouraging redevelopment, the city should see continued rent growth. This offering allows investors to feed off this growth and achieve large upside in rents, while remaining competitively priced in the workforce housing sector.
