Union City Multifamily Investment
208 38th St, Union City, NJ 07087
Six-unit building near Bergenline Ave with income potential.
Type:Commercial
Property size:
3,900 SFLot size:
0.06 AcresPrice / SF:
$217/SF- Added:
- Mar 27, 2026
- Days on Market:
- 57
- Last Refresh:
- Mar 27 at 8:09 pm
Property Features for 208 38th St
General Information
- Standard status
- Active
- Size
- 3,900 SF
- Lot size
- 0.06 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1925
Listing agent EVERTH MARADIAGA License #0231805
Listing office EREALTY (201) 453-3510
Listing date Mar 27, 2026
Source Corcoran
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of EREALTY
HighLights
- Prime location in the heart of Union City, walking distance to Bergenline Ave, shops, cafes, banks, schools, houses of worship, and local/NYC transportation.
- Six‑unit building offering significant investment potential.
- One unit delivered vacant, providing immediate rental income opportunity or owner occupancy.
- Separate gas and electrical meters for each unit, simplifying utility management.
- Large, full, unfinished basement with egress to a large backyard, offering potential for additional development or storage.
- Proximity to Weehawken, Hoboken, and Edgewater fine dining and shopping.
Overview
This multifamily property features six units, each offering approximately 650 square feet of living space. Each unit includes 2 bedrooms, a living room, a kitchen, and one bathroom. The total building size is 3,900 square feet. The property also includes a large, full, unfinished basement with egress to the large backyard. The building has separate gas and electrical meters and a security system. Located in Union City, the property is within walking distance of Bergenline Avenue, with its shops, cafes, banks, schools, and houses of worship. It also offers convenient access to local and New York City transportation and is near Weehawken, Hoboken, and Edgewater. One unit will be delivered vacant, and five are currently rented. The landlord is responsible for heat, water, and sewer, while tenants pay for gas and electric. All actual rents are registered with The rent leveling board. The property is being sold in as-is condition.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$666.4K
NOI $59,974 @ 9.00% cap · cautious / downside scenario
Moderate
$856.8K
NOI $59,974 @ 7.00% cap · market / base-case scenario
Aggressive
$1.20M
NOI $59,974 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $117.0k | $30.00 |
| − Vacancy | −$8.0k | −$2.04 |
| EGI | $109.0k | $27.96 |
| − OpEx | −$49.1k | −$12.58 |
| NOI | $60.0k | $15.38 |
3,900 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$856.8K
$749.7K – $999.6K
NOI $59,974 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.41M
$1.24M – $1.65M
NOI $98,856 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Union City
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.0239107
- Latitude
- 40.7739844
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six-unit building near Bergenline Ave with income potential.
Where is this apartment building located?
The property is located at 208 38th St Union City, NJ.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Prime location in the heart of Union City, walking distance to Bergenline Ave, shops, cafes, banks, schools, houses of worship, and local/NYC transportation.; Six‑unit building offering significant investment potential.; One unit delivered vacant, providing immediate rental income opportunity or owner occupancy.
