$3,798,000
610-612 12TH ST Union City, NJ 07087
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$3,798,000
Est. payment /mo
16 BA
New
610-612 12TH ST Union City, NJ 07087
UPDATED:
10/17/2024 03:02 PM
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 240020406
Full Baths 16
Annual Tax Amount $53,432
Lot Dimensions 50x178
Property Description
Incredible investment opportunity for a truly turnkey property in a prime location. Built in 2018, this property consists of two oversized buildings featuring eight spacious two-bedroom, two-bathroom units, generating an impressive $182,408 in net annual income with a CAP rate of approx. 5%. Each unit has separate utilities, with tenants responsible for their own water, gas, electricity, and sewer expenses. The total building spans 16,572 square feet, with individual apartment sizes ranging from 1,076 to 1,235 square feet, situated on a combined lot measuring 50 x 178. This property offers 12 dedicated parking spaces, ensuring each unit has its own assigned spot, while two units also feature private patios. Moreover, any unused parking spots present an excellent opportunity for additional rental income. These modern apartments boast individual washers and dryers, red oak hardwood flooring, central heating and air conditioning, granite countertops, stainless steel appliances, and granite counters and mosaic tile in the kitchens and classic subway tile in the bathrooms. The building is equipped with a central reporting fire alarm, security systems, and a whole building sprinkler system. Conveniently located near major highways (Route 3, 495, & 9) and public transportation options, including bus service to Port Authority that takes less than 30 minutes, this property is also close to parks, restaurants, shopping, and grocery stores. The buildings at 610 12th Street and 612 12th Street can be sold separately. Union City is an outstanding investment area, and finding a property in such exceptional condition is a rare opportunity.
Location
State NJ
County Hudson
Area Union City
Exterior
Garage Spaces 12.0
Listed by BROWN HARRIS STEVENS NEW JERSEY
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