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Mcginley Square 229 Summit Ave 6 Unit Apartment Building $1,625,000 ($270,833/Unit) 6.87% Cap Rate Jersey City, NJ 07304
INVESTMENT HIGHLIGHTS
- 19% Upside
- 8.65% Cash on Cash Return
- New Boilers & Heaters – 2024
- Average Rents $2,013, with Market Rents $2,400
- 5 Parking Spots
- All Separately Metered
EXECUTIVE SUMMARY
Broker of Record
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
300 Frank W Burr Blvd, Suite 440 Teaneck, NJ 07666
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
300 Frank W Burr Blvd, Suite 440 Teaneck, NJ 07666
PROPERTY FACTS
| Price | $1,625,000 | Apartment Style | Low-Rise |
| Price Per Unit | $270,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.08 AC |
| Cap Rate | 6.87% | Building Size | 4,500 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1884 |
| Property Subtype | Apartment |
| Price | $1,625,000 |
| Price Per Unit | $270,833 |
| Sale Type | Investment |
| Cap Rate | 6.87% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 4,500 SF |
| No. Stories | 3 |
| Year Built | 1884 |
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 | 6 | - | 675 |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (74)
PROPERTY TAXES
| Parcel Number | 06-15104-0000-00001 | Improvements Assessment | $378,800 |
| Land Assessment | $210,000 | Total Assessment | $588,800 |
PROPERTY TAXES
Parcel Number
06-15104-0000-00001
Land Assessment
$210,000
Improvements Assessment
$378,800
Total Assessment
$588,800
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Mcginley Square | 229 Summit Ave
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