504 Central Ave 17 Unit Apartment Building $3,120,000 ($183,529/Unit) 3.51% Cap Rate Union City, NJ 07087

Presenting a rare opportunity to acquire a portfolio of 17 unrenovated condominium units in the Lenox building with tenants in place. The Lenox is a 300 unit, highly sought-after full-service doorman building located in Union City, NJ. This bulk sale offers a unique chance to invest in a property that benefits from a prime location, strong demand, and substantial value-add potential. The unrenovated units are priced substantially below market value and are subjected to the rent control regulations in Union City. Situated in a rapidly growing neighborhood, bordering Jersey City Heights, one of the hottest areas in the market. Just a 25-minute bus ride to Manhattan, making this an ideal location for commuting to NYC and Hoboken. The building is the only full-service doorman building in the area, adding premium appeal. The portfolio consists of 8 studios (priced at $130,000 each), 8 one bedrooms (priced at $225,000 each), and one 2 bedroom condominium (priced at $280,000). Some of the units in the portfolio have amazing views of the NYC skyline. The building is a full service, doorman building with a fitness center, resident’s lounge and bbq area. Parking is available next door for rent.