Marcus & Millichap has been selected to exclusively market the Grandview Apartments for sale. The Grandview is a three story, brick, walk-up 20-unit apartment building located at 160 Terrace Avenue in Hasbrouck Heights, Bergen County, New Jersey. This is an excellent location in Hasbrouck Heights, New Jersey. The building contains a desirable unit mix with one (1) studio, fifteen (15) one-bedroom apartments and four (4) two-bedroom apartments. Each unit is separately metered for electric usage and cooking gas. The landlord pays heat, hot, and cold water for the apartments. Amenities include twelve (12) garages available for tenant parking at the rear of the property and a laundry room with four (4) washers and two (2) dryers. The current owner has taken great pride in ownership, reinvesting over $60,000 in capital improvements into the building including but not limited to: new coils (2016) and return piping for gas boiler (2017), roof silver coating (2016), new sidewalk (2016), new sewer stack (2015), brick-repointing (2018), new garage columns (2018), fire escape painted (2015). Additional capital improvements include re-pointing the building and upgrading one quarter of the units with new appliances, new kitchen cabinets, and renovated bathrooms. The Grandview Apartments offer a qualified investor the rare opportunity to own a turnkey, multifamily asset in the heart of Bergen County. The property is in ideal location near both NJ Transit bus and train stops, providing convenient commuting options for residents. The 164 bus stop is located a quick 7-minute walk from the property and provides access to Port Authority Bus Terminal in under 40 minutes. Tenants can also take advantage of three different train stations with commuter lots. Teterboro (located in Hasbrouck Heights), Wood-Ridge, and Westmont stations are 1.5 miles from the subject property and provide access to Penn Station in less than 45 minutes. Additionally, Grandview Apartments is perfectly placed among major highways such as Routes 3, 17, 46 and I-80, and I-95. Investors will immediately benefit from the stable cash flow.
Based on market rental comparisons investors could realize a 14% upside potential in gross rents through modest unit and common area renovations, as well as parking fees, bringing the cap rate to 6.25% Located in the heart of Bergen County, Hasbrouck Heights has strong demographics with the average household income over $105,000 in a one mile radius.
