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55 Patterson St 16 Unit Apartment Building $5,600,000 ($350,000/Unit) Hillsdale, NJ 07642
Investment Highlights
- Prime location in downtown Hillsdale less than a quarter mile from Hillsdale NJ Transit train station
- Historically a high-occupancy building
- Washer, dryer, central A/C and heat in every unit
Executive Summary
The unit mix is anchored by 12 spacious two-bedroom / two-bath residences, complemented by 3 one-bedroom and 1 studio layouts, averaging approximately 1,076 square feet. Each home features high-end finishes, hardwood flooring, in-unit washer/dryer, central air-conditioning and heat, along with one to two dedicated on-site parking spaces.
Currently 100% occupied, the property delivers durable in-place income with meaningful embedded upside, as the market-rate units are leased below prevailing market rents and offer natural mark-to-market growth on turnover. With newer luxury product seldom trading in Bergen County, the Deauville offers a stabilized asset with the scarcity value of an irreplaceable location. Ideally situated in an affluent, transit-served commuter community with top-rated schools and convenient access to New York City via the NJ Transit Pascack Valley Line (station less than a quarter-mile away), The Deauville is a premier addition to any multifamily portfolio.
Currently 100% occupied, the property delivers durable in-place income with meaningful embedded upside, as the market-rate units are leased below prevailing market rents and offer natural mark-to-market growth on turnover. With newer luxury product seldom trading in Bergen County, the Deauville offers a stabilized asset with the scarcity value of an irreplaceable location. Ideally situated in an affluent, transit-served commuter community with top-rated schools and convenient access to New York City via the NJ Transit Pascack Valley Line (station less than a quarter-mile away), The Deauville is a premier addition to any multifamily portfolio.
Property Facts
| Price | $5,600,000 | Building Class | B |
| Price Per Unit | $350,000 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 30,716 SF |
| No. Units | 16 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2012 |
| Apartment Style | Low-Rise | Parking Ratio | 0.91/1,000 SF |
| Zoning | C | ||
| Price | $5,600,000 |
| Price Per Unit | $350,000 |
| Sale Type | Investment |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.20 AC |
| Building Size | 30,716 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2012 |
| Parking Ratio | 0.91/1,000 SF |
| Zoning | C |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Sprinkler System
- Stainless Steel Appliances
- Tub/Shower
- Walk-In Closets
- Wi-Fi
- Instant Hot Water
- Intercom
- Island Kitchen
- Linen Closet
- Office
- Smoke Free
- Wheelchair Accessible (Rooms)
- Large Bedrooms
- Quartz Countertops
Site Amenities
- 24 Hour Access
- Security System
- Wheelchair Accessible
- Smoke Free
- Wi-Fi
- Elevator
- Individual Locking Bedrooms
- Private Bathroom
- Fiber Optic Internet
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 596 - 750 |
| 1+1 | 3 | - | 812 - 1,000 |
| 2+2 | 12 | - | 1,062 - 1,200 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 27-01101-0000-00006 | Improvements Assessment | $2,448,100 |
| Land Assessment | $560,000 | Total Assessment | $3,008,100 |
Property Taxes
Parcel Number
27-01101-0000-00006
Land Assessment
$560,000
Improvements Assessment
$2,448,100
Total Assessment
$3,008,100
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55 Patterson St
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