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1511-1513 Summit Ave 1511 Summit Ave 22 Unit Apartment Building $3,075,000 ($139,773/Unit) 6.74% Cap Rate Union City, NJ 07087
Investment Highlights
- 4 Gut Renovated Units
- 5 new water heaters replaced within the last five years
- Tenant pays for heat, hot water, cooking gas and electricity
- 7 Storage Units
- Strong unit mix – Studio, One-, and Two-bedroom units
- Landlord pays for water/sewer and common area electric
Executive Summary
Broker of Record
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
52 Park Avenue, Suite B5, Park Ridge NJ 07656
(866) 889-0550
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
52 Park Avenue, Suite B5, Park Ridge NJ 07656
(866) 889-0550
Property Facts
| Price | $3,075,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $139,773 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 6.74% | Building Size | 14,700 SF |
| No. Units | 22 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | ||
| Zoning | R | ||
| Price | $3,075,000 |
| Price Per Unit | $139,773 |
| Sale Type | Investment |
| Cap Rate | 6.74% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 14,700 SF |
| No. Stories | 4 |
| Year Built | 1930 |
| Zoning | R |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 750 |
1 1
Walk Score®
Walker's Paradise (96)
Property Taxes
| Parcel Number | 10-00080-0000-00003 | Improvements Assessment | $834,500 |
| Land Assessment | $600,000 | Total Assessment | $1,434,500 |
Property Taxes
Parcel Number
10-00080-0000-00003
Land Assessment
$600,000
Improvements Assessment
$834,500
Total Assessment
$1,434,500
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Map
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1511-1513 Summit Ave | 1511 Summit Ave
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