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1-21 Jay St. 21 Jay St 10 Unit Apartment Building $1,800,000 ($180,000/Unit) 2.50% Cap Rate Lakewood, NJ 08701
Executive Summary
1-21 Jay St is a 10 unit development deeded as affordable housing for low to medium income tenants. There are five 2 bedroom / 1.5 bath units and five 3 bedroom / 2.5 units.
Potential buyers must be approved by the DCA based on experience owning and managing affordable housing units as well as a background check for real estate related judgements.
9 units occupied paying from $550-1275 per month, most have not had regular annual increases since moving in. One vacant unit. Current cap rate is approximately 2.5%
Potential buyers must be approved by the DCA based on experience owning and managing affordable housing units as well as a background check for real estate related judgements.
9 units occupied paying from $550-1275 per month, most have not had regular annual increases since moving in. One vacant unit. Current cap rate is approximately 2.5%
Property Facts In Escrow
| Price | $1,800,000 | Lot Size | 1.03 AC |
| Price Per Unit | $180,000 | Building Size | 45,000 SF |
| Sale Type | Investment | Average Occupancy | 90% |
| Cap Rate | 2.50% | No. Stories | 2 |
| No. Units | 10 | Year Built | 2006 |
| Property Type | Multifamily | Parking Ratio | 1.3/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Building Class | B | ||
| Zoning | R75 | ||
| Price | $1,800,000 |
| Price Per Unit | $180,000 |
| Sale Type | Investment |
| Cap Rate | 2.50% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 1.03 AC |
| Building Size | 45,000 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 2006 |
| Parking Ratio | 1.3/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R75 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 5 | - | - |
| 3+2.5 | 5 | - | - |
1 1
Property Taxes
| Parcel Number | 15-00768-0000-00019 | Improvements Assessment | $0 |
| Land Assessment | $630,200 | Total Assessment | $630,200 |
Property Taxes
Parcel Number
15-00768-0000-00019
Land Assessment
$630,200
Improvements Assessment
$0
Total Assessment
$630,200
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