504 Central Ave - Apartments FOR SALE


Union City, NJ 07087
$3,120,000 USD
201-970-4593
504 Central Ave, Union City, NJ for Sale
$3,120,000 USD
Apartments - FOR SALE
1/5
null | 3.51% Cap Rate

504 Central Ave
Union City, NJ 07087


HIGHLIGHTS

  • Proximity to New York City

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$3,120,000 USD

PRICE/SF

$247 USD /SF

# OF UNITS

17

PRICE/UNIT

$183,529

CAP RATE

3.51%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Hi-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

16

YEAR BUILT

1963

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,591 SF

ZONING

-

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Margaret WatsonLiberty Realty, LLCMore Info
201-970-4593

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Margaret WatsonLiberty Realty, LLCMore Info
201-970-4593

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.