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2004 Bergenline Ave 10 Unit Apartment Building $2,250,000 ($225,000/Unit) 6.71% Cap Rate Union City, NJ 07087
Investment Highlights
- High-traffic area with high walk score (95)
- 5 minute drive to the NY Waterway Ferry
- Near Holland Tunnel and George Washington Bridge
- 30 minutes to Manhattan via NJ Transit bus
- Lincoln Tunnel: approximately 20 minutes to NYC
- Easy access to all major highways
Executive Summary
Exceptional investment opportunity in the heart of Union City on Bergenline Ave - high-traffic area with very high walk score (95). 2 retail stores on ground floor + 8 residential apartment units upstairs: Approx. 10,200 SF GBA. 12.5' ceiling height and basements for extra storage in retail spaces; Longtime established dry cleaner with steady strong customer base; and Fully occupied 8 apartments. Available Immediately. Nearby retailers: Dunkin Donuts, Valley bank, Post Office, restaurants, dry-cleaner, laundromats, pharmacy. Easy access to all major highways. Ample street parking in the vicinity. Please see brochure for more info. Brochure includes 5% vacancy loss in cap rate analysis for underwriting purposes... building still produces 6.2% cap rate at list price, with vacancy loss consideration. Dry cleaner is currently owner operated and can be delivered vacant or with new operator. New operator would yield 6.7% cap rate with vacancy loss and 7.2% effective cap rate at list price.
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$218,820
|
$62.34
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,941
|
$3.12
|
| Effective Gross Income |
$207,879
|
$59.22
|
| Taxes |
$36,390
|
$10.37
|
| Operating Expenses |
$20,462
|
$5.83
|
| Total Expenses |
$56,852
|
$16.20
|
| Net Operating Income |
$151,027
|
$43.03
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $218,820 |
| Annual Per SF | $62.34 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,941 |
| Annual Per SF | $3.12 |
| Effective Gross Income | |
|---|---|
| Annual | $207,879 |
| Annual Per SF | $59.22 |
| Taxes | |
|---|---|
| Annual | $36,390 |
| Annual Per SF | $10.37 |
| Operating Expenses | |
|---|---|
| Annual | $20,462 |
| Annual Per SF | $5.83 |
| Total Expenses | |
|---|---|
| Annual | $56,852 |
| Annual Per SF | $16.20 |
| Net Operating Income | |
|---|---|
| Annual | $151,027 |
| Annual Per SF | $43.03 |
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $3,050 | - |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Excellent Transit (87)
Property Taxes
| Parcel Number | 10-00110-0000-00003 | Total Assessment | $2,666,200 |
| Land Assessment | $520,000 | Annual Taxes | $36,390 ($10.37/SF) |
| Improvements Assessment | $2,146,200 | Tax Year | 2025 |
Property Taxes
Parcel Number
10-00110-0000-00003
Land Assessment
$520,000
Improvements Assessment
$2,146,200
Total Assessment
$2,666,200
Annual Taxes
$36,390 ($10.37/SF)
Tax Year
2025
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2004 Bergenline Ave
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