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308 Columbus Pl 6 Unit Apartment Building $828,000 ($138,000/Unit) 6.11% Cap Rate New Brunswick, NJ 08901
Investment Highlights
- Quiet location
Executive Summary
Opportunities like this one do not come often! A nicely maintained 6 unit building, in a quiet area of New Brunswick is waiting to be added into your real estate portfolio. You always wanted more doors, a bigger building? Now is your chance! 6 studio apartments (all the same size) with several that have value add upside. All 6 units are leased, the total rent roll for the building is $76,140. The asking price cap rate is 6.33% with conservative underwriting. Owner pays for water, snow and lawn maintenance. Tremendous value add upside on this building! This is a great building to add into your real estate portfolio but it will not last!
Property Facts Under Contract
| Price | $828,000 | Building Class | C |
| Price Per Unit | $138,000 | Building Size | 4,246 SF |
| Sale Type | Investment | Average Occupancy | 95% |
| Cap Rate | 6.11% | No. Stories | 2 |
| No. Units | 6 | Year Built | 1950 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R-5, N Brunswick | ||
| Price | $828,000 |
| Price Per Unit | $138,000 |
| Sale Type | Investment |
| Cap Rate | 6.11% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Building Size | 4,246 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-5, N Brunswick |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Sprinkler System
- Range
- Smoke Free
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 13-00266-0000-00029-01 | Improvements Assessment | $358,600 |
| Land Assessment | $173,600 | Total Assessment | $532,200 |
Property Taxes
Parcel Number
13-00266-0000-00029-01
Land Assessment
$173,600
Improvements Assessment
$358,600
Total Assessment
$532,200
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308 Columbus Pl