222-224 70TH ST

222-224 70th St, Guttenberg, NJ 07093
$2,877,000

Cap Rate
6.08%
GRM
195440
Price Per Unit
$319,667
Units
10
NOI
$174,863
Property Type
Apartments

INVESTMENT HIGHLIGHTS

Value Add

  • 10 Units
  • 39% Upside
  • 6.08% Cap Rate / 8.51% Pro Forma Cap Rate  
  • 5.57% Cash-on-Cash 
  • Average Rent of $1,810 vs Market Rent of $2,508 ($698+ difference on turnover)

Building Highlights

  • 9 Residential Units  
  • 1 Commercial Space  
  • One-, Two- and Three-Bedroom Apartments  
  • 18 Storage Units 
  • New Water Heaters  
  • Brand New Windows 
  • Roof Replaced in 2015 & 2017  
  • 20 Security Cameras  
  • Landlord Pays for Heat, Hot Water, Water/Sewer &  Electric 

Convenient Transportation  

  • The building is approximately an 8-minute walk to the Boulevard East at 72nd St bus stop which provides a 10-minute trip into Midtown Manhattan with direct access to NYC 

Broker of Record

  • Patrick Forde
  • License No. 2330333 (NJ)
  • (866) 889-0550
  • Matthews Real Estate Investment Services, Inc
  • 52 Park Avenue,
    Suite B5, Park Ridge NJ 07656
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