222-224 70th St
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222-224 70th St
10 Unit Apartment Building $2,877,000 ($287,700/Unit) 6.08% Cap Rate Guttenberg, NJ 07093
Investment Highlights
- 9 Residential Units
- One-, Two- and Three-Bedroom Apartments
- New Water Heaters
- 1 Commercial Space
- 18 Storage Units
- Brand New Windows
Executive Summary
Value Add
10 Units
39% Upside
6.08% Cap Rate / 8.51% Pro Forma Cap Rate
5.57% Cash-on-Cash
Average Rent of $1,810 vs Market Rent of $2,508 ($698+ difference on turnover)
Building Highlights
9 Residential Units
1 Commercial Space
One-, Two- and Three-Bedroom Apartments
18 Storage Units
New Water Heaters
Brand New Windows
Roof Replaced in 2015 & 2017
20 Security Cameras
Landlord Pays for Heat, Hot Water, Water/Sewer & Electric
Convenient Transportation
The building is approximately an 8-minute walk to the Boulevard East at 72nd St bus stop which provides a 10-minute trip into Midtown Manhattan with direct access to NYC
10 Units
39% Upside
6.08% Cap Rate / 8.51% Pro Forma Cap Rate
5.57% Cash-on-Cash
Average Rent of $1,810 vs Market Rent of $2,508 ($698+ difference on turnover)
Building Highlights
9 Residential Units
1 Commercial Space
One-, Two- and Three-Bedroom Apartments
18 Storage Units
New Water Heaters
Brand New Windows
Roof Replaced in 2015 & 2017
20 Security Cameras
Landlord Pays for Heat, Hot Water, Water/Sewer & Electric
Convenient Transportation
The building is approximately an 8-minute walk to the Boulevard East at 72nd St bus stop which provides a 10-minute trip into Midtown Manhattan with direct access to NYC
Property Facts
| Price | $2,877,000 | Apartment Style | Low Rise |
| Price Per Unit | $287,700 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 6.08% | Building Size | 13,500 SF |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1950/2017 |
| Property Subtype | Apartment |
| Price | $2,877,000 |
| Price Per Unit | $287,700 |
| Sale Type | Investment |
| Cap Rate | 6.08% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 13,500 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1950/2017 |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Smoke Detector
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Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 03-00026-0000-00029 | Improvements Assessment | $804,700 |
| Land Assessment | $150,000 | Total Assessment | $954,700 |
PROPERTY TAXES
Parcel Number
03-00026-0000-00029
Land Assessment
$150,000
Improvements Assessment
$804,700
Total Assessment
$954,700
zoning
| Zoning Code | N/Av |
| N/Av |
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222-224 70th St
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