119 59TH ST & 5808 Buchanan Place 2 Multifamily Properties Offered at $2,050,000 in West New York, NJ

Marcus & Millichap is proud to represent the owner in sale of the two contiguous properties located at 119 59th Street and 5808 Buchanan Place in West New York, Hudson County, New Jersey. The two buildings were built on a 25'x100' (.0574 acre) lot, are 100% occupied and contain a total of 10 apartments and one ground floor retail unit. 119 59th St sits on the corner of 59th Street and Buchanan Place, and is a three story, red brick and masonry building, constructed in 1920. The unit mix is as follows: Three 1Bed/1Baths, three 2Bed/1Baths and one 3Bed/1Bath plus a ground floor convenience store. 5808 Buchanan Place is a three-story, sided building, constructed in 1920 nestled at the end of Buchanan Place, on a quiet dead-end street. It contains three 2Bed/1Bath units with Juliet balconies facing Buchanan Place. The buildings have been professionally owned and managed since 2016. Units in 119 59th street are separately metered for gas and electricity with the tenants covering their own cooking gas and electric usage. The landlord pays the heat and hot/cold water. A hot water heater in the basement of 119 59th street supplies service to both buildings. A single HVAC unit in 5808 Buchanan Place provides the heat and air conditioning for all three apartments on one common thermostat located in the ground f loor unit. The opportunity to purchase 119 59th St. & 5808 Buchanan Pl. represents a solid investment based on the current cash flow of two well maintained properties in a quiet section of west New York, with the ability to increase the net profit. The current gross rent roll of $212,928 can be increased over 27%to $270,900. The Net Operating Income can be increased over 38% from $128,942 to $177,615. West New York is among the most desirable Hudson County municipalities for investors due to the ability to increase the base rent by $50 per month for every $1,000 spent on unit renovations after the apartment has been voluntarily vacated and renovated. The properties located at 119 59th St. & 5808 Buchanan Pl. provide an investor the ability to acquire two well maintained, income producing assets that currently generates a 6.29% cap rate with the ability to conduct a value add model to increase the cap rate to 8.66%.