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388 Union St 12 Unit Apartment Building $3,000,000 ($250,000/Unit) 6.06% Cap Rate Rahway, NJ 07065
INVESTMENT HIGHLIGHTS
- Building consists of twelve ±790 SF one bedroom, one bathroom apartments
- Most apartments renovated with new bathrooms, kitchens and granite countertops
- All units have both a front entrance and rear terrace
- New appliances. Newly paved parking lot.
- Recent renovations make upgraded units easy to turn over.
- Laundry facility and individual storage spaces on premise.
EXECUTIVE SUMMARY
Attractive, fully leased ±9,478 SF brick-faced apartment building situated on ±0.32 acres. Property features 12 well-maintained residential units. Centrally located in Rahway and close to major highways, including Routes 1, 9, 27, the Garden State Parkway and less than a 1/2 mile to the Rahway Train Station and performing arts district. Within walking distance of shopping and Rahway River Park. Rahway offers various attractions like the Union County Performing Arts Center, the Rahway Public Library, and numerous art galleries and restaurants.
Quiet neighborhood with onsite and offsite parking. Tenants pay all utilities, except for water. Property tax $34,452 (2025)
Quiet neighborhood with onsite and offsite parking. Tenants pay all utilities, except for water. Property tax $34,452 (2025)
PROPERTY FACTS
| Price | $3,000,000 | Building Class | C |
| Price Per Unit | $250,000 | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 9,478 SF |
| Cap Rate | 6.06% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1998 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | N/A | ||
| Price | $3,000,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 6.06% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 9,478 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1998 |
| Parking Ratio | 1.27/1,000 SF |
| Zoning | N/A |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
1 1
Walk Score®
Very Walkable (82)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 13-00216-0000-00014 | Improvements Assessment | $359,600 |
| Land Assessment | $96,000 | Total Assessment | $455,600 |
PROPERTY TAXES
Parcel Number
13-00216-0000-00014
Land Assessment
$96,000
Improvements Assessment
$359,600
Total Assessment
$455,600
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388 Union St
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