Gut-Renovated Mixed-Use Apartment
For Sale
Contact for pricing
Pending
226 New Brunswick Ave, Perth Amboy, NJ 08861
Fully renovated mixed-use property with updated systems, tenant direct utility metering, and an extended rent-control exemption.
Property SizeContact for details
Days on Market137
Property Features for 226 New Brunswick Ave
General Information
Standard status
Pending
Property subtype
Mixed Use, Multifamily
Additional Details
Heavy Power
Yes
Listing Agency:
The Verus Group
Listed By:
Dennis Taveras · License #31TA0792699
Source:
Crexi
Added: Apr 24
Changed: Sep 5
Last Checked: Sep 1 at 6:34AM
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 The Verus Group
Investment Insights
Based on property information with market context.
Aria Apartments is a fully gut renovated mixed-use building with updated residential and commercial interiors and new building systems. Improvements include new mechanical systems, upgraded electrical and plumbing, life safety improvements, and a recently upgraded 1,200-amp electrical capacity. The roof was newly installed in mid-2017 with a complete 15-year warranty and 7 years remaining. All utilities are directly metered, with tenants responsible for electrical, heat, and water.
Originally industrial, the property was transformed into a modern residential mixed-use building and qualifies for New Jersey’s Newly Constructed Multiple Dwelling Exemption. The exemption provides up to 30 years of relief from local rent control and rent leveling ordinances, supporting market-driven rent growth and reducing long-term regulatory exposure.
According to the Offering Memorandum, the purchase price is $5,900,000, with a reported pro forma NOI of $363,729 and a Year 1 NOI of $362,578. The pro forma cap rate is approximately 6.16%, and the Year 1 cap rate is approximately 6.15%.
Originally industrial, the property was transformed into a modern residential mixed-use building and qualifies for New Jersey’s Newly Constructed Multiple Dwelling Exemption. The exemption provides up to 30 years of relief from local rent control and rent leveling ordinances, supporting market-driven rent growth and reducing long-term regulatory exposure.
According to the Offering Memorandum, the purchase price is $5,900,000, with a reported pro forma NOI of $363,729 and a Year 1 NOI of $362,578. The pro forma cap rate is approximately 6.16%, and the Year 1 cap rate is approximately 6.15%.
Key Highlights
- Aria Apartments is a fully gut renovated mixed‑use building offering residential and commercial income diversification.
- Qualifies for New Jersey Newly Constructed Multiple Dwelling Exemption with up to 30 years of relief from local rent control and rent leveling ordinances.
- Electrical capacity upgraded with a new 1,200‑amp electrical system.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
2,380
Businesses Nearby
Explore this area
Business Placement
Demographics for 08861, NJ
58,039
Population
21,032
Households
2.8
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
5.1 sq mi
ZIP Area
11,380
Density / Sq Mi
$60,464
Median Household Income
$34,093
Median Earnings
$1,623
Median Rent
$340,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated mixed-use property with updated systems, tenant direct utility metering, and an extended rent-control exemption.
Where is this apartment building located?
The property is located at 226 New Brunswick Ave Perth Amboy, NJ.
What are key features of this property?
This property features: Aria Apartments is a fully gut renovated mixed‑use building offering residential and commercial income diversification.; Qualifies for New Jersey Newly Constructed Multiple Dwelling Exemption with up to 30 years of relief from local rent control and rent leveling ordinances.; Electrical capacity upgraded with a new 1,200‑amp electrical system.
