371 Gorge Rd
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371 Gorge Rd
6 Unit Apartment Building $1,880,000 ($313,333/Unit) 5.80% Cap Rate Cliffside Park, NJ 07010
Investment Highlights
- 371 Gorge Road offers the opportunity to own a 6 family unit property just off of River Road and the Edgewater area of NJ.
- AAA location in Cliffside Park with convenience to several transportation options such as buses, ferries, and light rail.
- Investor's Dream: fully occupied multifamily property with value-add potential and on-site parking.
- Features a three-story,5,949-square-foot building with hardwood flooring inlays, new energy-efficient boiler, and a recently refurbished roof.
- Proximate to various neighborhood amenities along with short commute to Midtown and Downtown New York City.
Executive Summary
Capitalize on a prestigious, income-producing 6-unit apartment building along Gorge Road in a vibrant Cliffside Park neighborhood. This beautiful boutique building has been meticulously cared for years and comprises 5,949 square feet across three floors. The property features hardwood flooring inlays, a new energy-efficient boiler, only 10-year old roof, six car parking spaces, and much more. 371 Gorge Road is fully occupied and generates a net annual income of $140.940 (5.8%) per year with a potential rent of 6.7%.
Situated on one of the most desired streets off River Road, 371 Gorge Road provides seamless connectivity in and out of town. It offers convenient access to transportation options such as buses, ferries, and light rail, making commuting to and from Manhattan a breeze. Tenants appreciate the short travel time to Midtown and Downtown NYC, allowing them to enjoy all the benefits of city living while residing in the tranquil setting of Cliffside Park. 371 Gorge Road is primed to offer an ideal multifamily investment opportunity.
Situated on one of the most desired streets off River Road, 371 Gorge Road provides seamless connectivity in and out of town. It offers convenient access to transportation options such as buses, ferries, and light rail, making commuting to and from Manhattan a breeze. Tenants appreciate the short travel time to Midtown and Downtown NYC, allowing them to enjoy all the benefits of city living while residing in the tranquil setting of Cliffside Park. 371 Gorge Road is primed to offer an ideal multifamily investment opportunity.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,880,000 | Building Class | C |
| Price Per Unit | $313,333 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 5,949 SF |
| Cap Rate | 5.80% | No. Stories | 3 |
| No. Units | 6 | Year Built/Renovated | 1980/2000 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $1,880,000 |
| Price Per Unit | $313,333 |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,949 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1980/2000 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Dining Room
- Family Room
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,865 | 750 - 900 |
| 2+1 | 4 | $1,995 | 900 - 1,050 |
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Walk Score ®
Very Walkable (78)
PROPERTY TAXES
| Parcel Number | 06-00902-0000-00019 | Improvements Assessment | $467,300 (2024) |
| Land Assessment | $257,700 (2024) | Total Assessment | $725,000 (2024) |
PROPERTY TAXES
Parcel Number
06-00902-0000-00019
Land Assessment
$257,700 (2024)
Improvements Assessment
$467,300 (2024)
Total Assessment
$725,000 (2024)
zoning
| Zoning Code | R-3 |
| R-3 |
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Royal Signature Realty
371 Gorge Rd
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