1218 BERGENLINE AVE New Jersey

1218 BERGENLINE AVE
Union City NJ 07087

Property

Ownership: income-property
Rooms: 6
Bathrooms: 6
Pets: Pets Allowed

Financials

Price: $750,000
Annual Taxes: $18,454
140 Bay St, Suite 1 Jersey City, NJ 07302
Courtesy of REALMART REALTY ()

Description

This is a legal 6-Family apartment building in the hot area of Union City, NJ. The gross annual rental income is $81,620. The annual expenses of Taxes, Insurance, Utilities and Maintenance total $35,092. This generates a net income of $46,528 and a Capitalization Rate of 6%. All tenants pay their own gas and electric. The two lower floors pay their own heat, while the 4 apartments on the top 2 floors have heat included in their rent. The basement apartment was totally renovated in 2016 and had a sprinkler system installed. 2 new furnaces were added at that time with new electric and plumbing. A new electric panel was placed also for the entire building. There is an intercom system and the front door is maintained locked. The flat roof was replaced in 2015. There is a large back yard and concrete patio in the rear. All units are occupied with annual leases in place. There is a super residing in the building that receives a $230 rent reduction monthly for maintaining the common areas, trash, snow removal and other duties including showing apartments when needed. The owner is an investor moving out of state and liquidating multiple properties. Proof of funds and/or a mortgage pre-approval is required prior to showings.

Neighborhood

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1218 BERGENLINE AVE New Jersey

Description

This is a legal 6-Family apartment building in the hot area of Union City, NJ. The gross annual rental income is $81,620. The annual expenses of Taxes, Insurance, Utilities and Maintenance total $35,092. This generates a net income of $46,528 and a Capitalization Rate of 6%. All tenants pay their own gas and electric. The two lower floors pay their own heat, while the 4 apartments on the top 2 floors have heat included in their rent. The basement apartment was totally renovated in 2016 and had a sprinkler system installed. 2 new furnaces were added at that time with new electric and plumbing. A new electric panel was placed also for the entire building. There is an intercom system and the front door is maintained locked. The flat roof was replaced in 2015. There is a large back yard and concrete patio in the rear. All units are occupied with annual leases in place. There is a super residing in the building that receives a $230 rent reduction monthly for maintaining the common areas, trash, snow removal and other duties including showing apartments when needed. The owner is an investor moving out of state and liquidating multiple properties. Proof of funds and/or a mortgage pre-approval is required prior to showings.

Neighborhood

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