1600 54th St
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1600 54th St
52 Unit Apartment Building $19,250,000 ($370,192/Unit) 5.50% Cap Rate North Bergen, NJ 07047
Investment Highlights
- New Construction: Two 26-unit buildings, totaling 52 units.
- Unit Mix: 42 units are 1-bedroom with a den, and 10 are 1-bedroom apartments.
- Leasing Status: Building 1 is fully stabilized for over 60 days; Building 2 available since August.
- Amenities: Building 1 features a community room; Building 2 includes a gym.
- Parking: 77 parking spots available for residents.
- No Rent Control: New construction exempt from rent control in North Bergen.
Executive Summary
New construction! A total of 52 units consisting of two 26-unit buildings. Building 1 has a community room, while building 2 has a gym. 42 units have 1 bedroom plus a den, the remaining 10 units are 1 bedroom apartments. Building 1 has been fully stabilized for over 60 days and Building 2 became available for lease since August. The property offers 77 parking spots. New construction buildings are not subject to rent control in North Bergen.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,455,252
|
$19.56
|
| Other Income |
$2,400
|
$0.03
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$1,457,652
|
$19.59
|
| Taxes |
$232,940
|
$3.13
|
| Operating Expenses |
$165,993
|
$2.23
|
| Total Expenses |
$398,933
|
$5.36
|
| Net Operating Income |
$1,058,719
|
$14.23
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $1,455,252 |
| Annual Per SF | $19.56 |
| Other Income | |
|---|---|
| Annual | $2,400 |
| Annual Per SF | $0.03 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $1,457,652 |
| Annual Per SF | $19.59 |
| Taxes | |
|---|---|
| Annual | $232,940 |
| Annual Per SF | $3.13 |
| Operating Expenses | |
|---|---|
| Annual | $165,993 |
| Annual Per SF | $2.23 |
| Total Expenses | |
|---|---|
| Annual | $398,933 |
| Annual Per SF | $5.36 |
| Net Operating Income | |
|---|---|
| Annual | $1,058,719 |
| Annual Per SF | $14.23 |
Property Facts
| Price | $19,250,000 | Building Class | B |
| Price Per Unit | $370,192 | Lot Size | 0.79 AC |
| Sale Type | Investment | Building Size | 74,400 SF |
| Cap Rate | 5.50% | No. Stories | 4 |
| No. Units | 52 | Year Built | 2024 |
| Property Type | Multifamily | Parking Ratio | 1.03/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid Rise |
| Price | $19,250,000 |
| Price Per Unit | $370,192 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.79 AC |
| Building Size | 74,400 SF |
| No. Stories | 4 |
| Year Built | 2024 |
| Parking Ratio | 1.03/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Balcony
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Fitness Center
- Tenant Controlled HVAC
- Public Transportation
- Smoke Detector
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PROPERTY TAXES
| Parcel Number | 08-00183-0000-00020-02 | Total Assessment | $2,587,000 |
| Land Assessment | $2,387,000 | Annual Taxes | $232,940 ($3.13/SF) |
| Improvements Assessment | $200,000 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
08-00183-0000-00020-02
Land Assessment
$2,387,000
Improvements Assessment
$200,000
Total Assessment
$2,587,000
Annual Taxes
$232,940 ($3.13/SF)
Tax Year
2024
zoning
| Zoning Code | R1 (Industrial and apartment) |
| R1 (Industrial and apartment) |
-
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