Marcus and Millichap has been retained on an exclusive basis to market 927 Willow Avenue a seven unit five story walk up multifamily building located in Uptown Hoboken. The property lies on a 26.5 by 100 square foot lot, located between 10th and 9th streets on Willow Avenue. All units are separately metered for cooking gas and electric with sub-panels in each unit.
Each unit in the building has been renovated within the last four years with hardwood floors, granite/quartz kitchen counters, stainless steel appliances and exposed brick. Recent capital improvements include a less than a year old roof, windows, entrance doors, rear bricks to the back of the building re-pointed, gutters and spouts and all new hot water tanks all replaced in recent years.
Potential Value Add: Building originally was a 10 unit multifamily building that was converted into a seven unit, making two duplex units and an entire first floor apartment. Through potential variances the building could be converted back to 10 units.
Upside: Six units qualify for a 25% de-vacancy control increase upon turnover including two of the three bedroom units that are below market. Additionally, basement has ample space for potential storage units that could produce additional income.
