Firehouse Lofts | 322 Vine St
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Firehouse Lofts 322 Vine St
10 Unit Apartment Building $2,300,000 ($230,000/Unit) 7.52% Cap Rate Camden, NJ 08102
Investment Highlights
- PRIME LOCATION
- PROMOTE HISTORIC PRESERVATION
- INCREDIBLE BENEFITS FOR MINIMAL WORK
Executive Summary
Extraordinary investment opportunity in the highly desirable Cooper Point section of BOOMING Camden! This adaptive reuse apartment building showcases the historic charm of an old firehouse transformed into x10 beautiful one & two-bedroom apartments! Strategically located in one of the top appreciating areas in the US, Firehouse Lofts is situated within walking distance of various schools, universities, company headquarters, local attractions, bus & train stations as well as being just minutes from the Benjamin Franklin Bridge with easy access to Philadelphia. The building is also located within a certified Opportunity Zone! Completely renovated in 2022, the property is 100% turnkey & just waiting for an investor! Spacious & open units feature fresh custom paint job, all new flooring, recessed lighting, open floor plan, contemporary fixtures, in-unit laundry, stainless steel appliances throughout & are flooded with an abundance of natural light. the building also includes separate utilities within each unit. Property also offers the novelty of private gated off-street parking. This gorgeous building truly presents a unique cash-flow opportunity, establishing Firehouse Lofts as a one-of-a-kind addition to any portfolio.
**Please reach out to listing agent to schedule - appointment must be confirmed by 6p the day before. Group showings ONLY. The next proposed Group Showings (not an open house), will be Tues (11/26) @ 2p. Buyer MUST see property in person before offer will be considered.**
**Please reach out to listing agent to schedule - appointment must be confirmed by 6p the day before. Group showings ONLY. The next proposed Group Showings (not an open house), will be Tues (11/26) @ 2p. Buyer MUST see property in person before offer will be considered.**
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$206,868
|
$2.07
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,343
|
$0.10
|
| Effective Gross Income |
$196,525
|
$1.97
|
| Taxes |
$7,700
|
$0.08
|
| Operating Expenses |
$15,900
|
$0.16
|
| Total Expenses |
$23,600
|
$0.24
|
| Net Operating Income |
$172,925
|
$1.73
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $206,868 |
| Annual Per SF | $2.07 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,343 |
| Annual Per SF | $0.10 |
| Effective Gross Income | |
|---|---|
| Annual | $196,525 |
| Annual Per SF | $1.97 |
| Taxes | |
|---|---|
| Annual | $7,700 |
| Annual Per SF | $0.08 |
| Operating Expenses | |
|---|---|
| Annual | $15,900 |
| Annual Per SF | $0.16 |
| Total Expenses | |
|---|---|
| Annual | $23,600 |
| Annual Per SF | $0.24 |
| Net Operating Income | |
|---|---|
| Annual | $172,925 |
| Annual Per SF | $1.73 |
Property Facts
| Price | $2,300,000 | Apartment Style | Low Rise |
| Price Per Unit | $230,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 7.52% | Building Size | 100,000 SF |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $2,300,000 |
| Price Per Unit | $230,000 |
| Sale Type | Investment |
| Cap Rate | 7.52% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.10 AC |
| Building Size | 100,000 SF |
| No. Stories | 3 |
| Year Built | 2022 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Washer/Dryer
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $1,525 | 600 - 685 |
| 2+1 | 5 | $1,945 | 875 - 975 |
PROPERTY TAXES
| Parcel Number | 08-00028-0000-00046 | Total Assessment | $156,800 (2024) |
| Land Assessment | $32,000 (2024) | Annual Taxes | $7,700 ($0.08/SF) |
| Improvements Assessment | $124,800 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
08-00028-0000-00046
Land Assessment
$32,000 (2024)
Improvements Assessment
$124,800 (2024)
Total Assessment
$156,800 (2024)
Annual Taxes
$7,700 ($0.08/SF)
Tax Year
2023
zoning
| Zoning Code | R2 |
| R2 |
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Firehouse Lofts | 322 Vine St
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