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42 Lester St 6 Unit Apartment Building $1,400,000 ($233,333/Unit) 6.36% Cap Rate Wallington, NJ 07057
Executive Summary
BERGEN COUNTY MULTIFAMILY ASSET
42 Lester Street, a recently renovated 6-unit multifamily property in Wallington, NJ
Investment Highlights
• Asking Price: $1,400,000
• Units: 6 (five 1BRs + one 1BR loft with outdoor patio)
• Price/Unit: $233,333
• Parking: 4 on-site spaces
Key Features
• Fully renovated in 2023 – minimal near-term CapEx
• Stabilized cash flow with immediate rent growth potential
• Strong Bergen County commuter location with excellent access to highways and NYC transit
This property offers investors a rare chance to acquire a turnkey, Class-A condition asset with both near-term rental upside and long-term stability.
42 Lester Street, a recently renovated 6-unit multifamily property in Wallington, NJ
Investment Highlights
• Asking Price: $1,400,000
• Units: 6 (five 1BRs + one 1BR loft with outdoor patio)
• Price/Unit: $233,333
• Parking: 4 on-site spaces
Key Features
• Fully renovated in 2023 – minimal near-term CapEx
• Stabilized cash flow with immediate rent growth potential
• Strong Bergen County commuter location with excellent access to highways and NYC transit
This property offers investors a rare chance to acquire a turnkey, Class-A condition asset with both near-term rental upside and long-term stability.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$134,370
|
$40.87
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,031
|
$1.23
|
| Effective Gross Income |
$130,339
|
$39.64
|
| Taxes |
$16,293
|
$4.96
|
| Operating Expenses |
$22,469
|
$6.83
|
| Total Expenses |
$38,762
|
$11.79
|
| Net Operating Income |
$91,577
|
$27.85
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $134,370 |
| Annual Per SF | $40.87 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,031 |
| Annual Per SF | $1.23 |
| Effective Gross Income | |
|---|---|
| Annual | $130,339 |
| Annual Per SF | $39.64 |
| Taxes | |
|---|---|
| Annual | $16,293 |
| Annual Per SF | $4.96 |
| Operating Expenses | |
|---|---|
| Annual | $22,469 |
| Annual Per SF | $6.83 |
| Total Expenses | |
|---|---|
| Annual | $38,762 |
| Annual Per SF | $11.79 |
| Net Operating Income | |
|---|---|
| Annual | $91,577 |
| Annual Per SF | $27.85 |
Property Facts
| Price | $1,400,000 | Building Class | C |
| Price Per Unit | $233,333 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 3,288 SF |
| Cap Rate | 6.36% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1945/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R2 - Residential | ||
| Price | $1,400,000 |
| Price Per Unit | $233,333 |
| Sale Type | Investment |
| Cap Rate | 6.36% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 3,288 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1945/2023 |
| Parking Ratio | 1.22/1,000 SF |
| Zoning | R2 - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Eat-in Kitchen
- Kitchen
- Oven
- Carpet
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $2,025 | - |
1 1
Walk Score®
Very Walkable (80)
Property Taxes
| Parcel Number | 65-00013-0000-00025 | Total Assessment | $725,200 |
| Land Assessment | $215,000 | Annual Taxes | $16,293 ($4.96/SF) |
| Improvements Assessment | $510,200 | Tax Year | 2025 |
Property Taxes
Parcel Number
65-00013-0000-00025
Land Assessment
$215,000
Improvements Assessment
$510,200
Total Assessment
$725,200
Annual Taxes
$16,293 ($4.96/SF)
Tax Year
2025
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42 Lester St
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