VUE Realty Group, LLC, has been retained on an exclusive basis for the sale of 5005 Palisade Avenue in West New York, New Jersey. 5005 Palisade Avenue (built in 2010) is a 30-unit, luxury rental building boasting exceptionally large units, storage on each floor, stainless steel appliances, granite counter tops, covered parking, and 10-foot ceilings. The unit mix consists of (9) three-bedroom/two bath, (18) two-bedroom/twobath, and (3) one-bedroom/one bath units, averaging 1,152.5 square feet, dwarfing its West New York competitors.
Building amenities include an elevator, a large common area lobby, 42 parking spaces, central A/C, gas heat, gas stoves & tankless water heaters, washer/dryer in each unit, and wheelchair access.
5005 Palisade Avenue is conveniently located .2 miles (5 minutes walking) east of the Bergenline Avenue Light Rail Station, which brings commuters to Hoboken (14 minutes)and/or to Jersey City (24 minutes). Alternatively, residents of 5005 Palisade Ave can enjoy an easy 25-minute commute to Port Authority in Manhattan via the 156 bus line located minutes walking on 48th and Palisade Ave.
The subject property is a rare opportunity to invest in one of New Jersey’s Gold Coast’s most promising neighborhoods, providing investors a strong immediate turnkey return (5%+CAP) and tremendous upside potential for the investor who comes in and takes advantage of the neighborhoods increasing rents and the building’s oversized units. Simple renovations to the units will ensure an easy 15%-20% increase in rents providing investors a fantastic opportunity to win big.
