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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

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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%

Jay St. Income Statement

Jay 1-21 rent roll

Property Facts

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 Multifamily Apartments	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
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 Multifamily Apartments
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 State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	R75