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261 French St 11 Unit Apartment Building $1,850,000 ($168,182/Unit) 7.20% Cap Rate New Brunswick, NJ 08901
Investment Highlights
- Value-Add Opportunity: Renovate Kitchen, Bathrooms, and Common Areas to Increase Rents
- Strong Ed’s & Med’s Drivers: Minutes from Rutgers University, Robert Wood Johnson University Hospital, and Saint Peter's University Hospital
- Diversified Unit Mix: Mix of Studio, One-Bedroom, and Two-Bedroom Apartments Serving a Broad Tenant Base
- Downtown New Brunswick Location: Situated within Walking Distance of Rutgers University, NJ Transit, and Downtown Shopping and Restaurants
- Transit-Oriented Location: Convenient Access to NJ Transit Rail Service, Routes 18 and 27, and the New Jersey Turnpike
Executive Summary
261 French Street is an 11-unit apartment community located in the heart of New Brunswick, New Jersey. The Property features a diverse unit mix of four studio apartments, six one-bedroom apartments, and one two-bedroom apartment with spacious floor plans. Both the location and unit layouts appeal to young professionals, as well as the area’s growing workforce.
The Property provides investors with stable in-place cash flow as well as a clear value-add opportunity through targeted apartment interior renovations and common area upgrades. By modernizing select units and enhancing shared spaces, new ownership can improve the resident experience, support continued rental growth, and capture additional upside through operational efficiencies and ancillary income generated by storage, laundry, etc.
Residents benefit from immediate proximity to Rutgers University, Robert Wood Johnson University Hospital, Saint Peter's University Hospital, and the numerous restaurants, cafes, retailers, and entertainment venues located throughout Downtown New Brunswick. The Property is conveniently located near the NJ Transit Station, providing direct rail service to New York City and surrounding employment centers. The Property’s location offers convenient access to Route 18, Route 27, and the New Jersey Turnpike.
261 French Street presents investors with the opportunity to acquire a well-located multifamily asset offering stable in-place cash flow, meaningful value-add potential through apartment and common area renovations, and long-term demand drivers supported by the continued growth of Rutgers University, New Brunswick's healthcare sector, and the city's expanding employment base.
The Property provides investors with stable in-place cash flow as well as a clear value-add opportunity through targeted apartment interior renovations and common area upgrades. By modernizing select units and enhancing shared spaces, new ownership can improve the resident experience, support continued rental growth, and capture additional upside through operational efficiencies and ancillary income generated by storage, laundry, etc.
Residents benefit from immediate proximity to Rutgers University, Robert Wood Johnson University Hospital, Saint Peter's University Hospital, and the numerous restaurants, cafes, retailers, and entertainment venues located throughout Downtown New Brunswick. The Property is conveniently located near the NJ Transit Station, providing direct rail service to New York City and surrounding employment centers. The Property’s location offers convenient access to Route 18, Route 27, and the New Jersey Turnpike.
261 French Street presents investors with the opportunity to acquire a well-located multifamily asset offering stable in-place cash flow, meaningful value-add potential through apartment and common area renovations, and long-term demand drivers supported by the continued growth of Rutgers University, New Brunswick's healthcare sector, and the city's expanding employment base.
Property Facts
| Price | $1,850,000 | Building Class | C |
| Price Per Unit | $168,182 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 9,050 SF |
| Cap Rate | 7.20% | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | 5TH - Residential | ||
| Price | $1,850,000 |
| Price Per Unit | $168,182 |
| Sale Type | Investment |
| Cap Rate | 7.20% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 9,050 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1950 |
| Parking Ratio | 1.22/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | 5TH - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
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Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 13-00425-0000-00004 | Improvements Assessment | $448,400 |
| Land Assessment | $350,000 | Total Assessment | $798,400 |
Property Taxes
Parcel Number
13-00425-0000-00004
Land Assessment
$350,000
Improvements Assessment
$448,400
Total Assessment
$798,400
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