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2531 Kennedy Blvd 13 Unit Apartment Building $2,500,000 ($192,308/Unit) 6% Cap Rate North Bergen, NJ 07047
Investment Highlights
- Prime Corner Location with Direct Access to Route 495, The Lincoln Tunnel, and Midtown Manhattan
- Over 80 Percent Rental Upside Through Strategic Repositioning and Lease Resets
- Partial Utility Separation Completed, with Select Units Converted to Tenant-Controlled Electric Baseboard Heat—Providing Immediate Expense Reduction
- Desirable Mix of Spacious Two- And Three-Bedroom Apartments in a Strong Transit-Oriented Submarket
- Mixed-Use Investment Opportunity with On-Site Parking Potential in a High-Visibility Retail Corridor
Executive Summary
The asset features a desirable mix of spacious two- and three-bedroom apartments, catering to
commuter and family tenants seeking convenient access to Manhattan while enjoying the comfort of larger unit layouts. The strong
residential unit mix supports consistent tenant demand in this transit-oriented submarket. Additionally, the property offers the
potential for four on-site parking spaces—a rare and valuable amenity in this densely populated area—further enhancing its appeal and
competitive positioning. This offering also presents a significant value-add opportunity, with over 80 percent upside in apartment
rents available through strategic repositioning. As a result, potential investors can unlock substantial income growth while capitalizing
on the property’s irreplaceable location. With its prime corner exposure, commuter-friendly access, and meaningful rental upside, this
property represents a compelling opportunity for investors seeking both stability and long-term appreciation.
commuter and family tenants seeking convenient access to Manhattan while enjoying the comfort of larger unit layouts. The strong
residential unit mix supports consistent tenant demand in this transit-oriented submarket. Additionally, the property offers the
potential for four on-site parking spaces—a rare and valuable amenity in this densely populated area—further enhancing its appeal and
competitive positioning. This offering also presents a significant value-add opportunity, with over 80 percent upside in apartment
rents available through strategic repositioning. As a result, potential investors can unlock substantial income growth while capitalizing
on the property’s irreplaceable location. With its prime corner exposure, commuter-friendly access, and meaningful rental upside, this
property represents a compelling opportunity for investors seeking both stability and long-term appreciation.
Property Facts
| Price | $2,500,000 | Building Class | C |
| Price Per Unit | $192,308 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 10,049 SF |
| Cap Rate | 6% | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1915 |
| Property Subtype | Apartment | Parking Ratio | 0.2/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | C1 | ||
| Price | $2,500,000 |
| Price Per Unit | $192,308 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 10,049 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1915 |
| Parking Ratio | 0.2/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | - |
| 3+1 | 3 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
50/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 08-00050-0000-00001 | Improvements Assessment | $1,179,300 |
| Land Assessment | $287,200 | Total Assessment | $1,466,500 |
Property Taxes
Parcel Number
08-00050-0000-00001
Land Assessment
$287,200
Improvements Assessment
$1,179,300
Total Assessment
$1,466,500
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2531 Kennedy Blvd
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