325 Grantwood Blvd Palisades Park, NJ 7650

Located at 325 Grantwood Blvd. in Palisade Park, Bergen County, New Jersey, this well-maintained, value-add building is a two-story, brick, garden-style structure situated on a 0.506-acre lot. The property features 12 apartments, complemented by 11 private garages, storage facilities, and a laundry room equipped with 2 washers and 2 dryers. The unit mix includes eight 1-bedroom/1-bath apartments and four 2-bedroom/1-bath apartments, catering well to the market demand. Palisade Park is characterized by a strong lower Bergen County demographic, with a median household income of $132,427, and nearly 30% of households reporting incomes of $150,000 or more. The owner occupancy rate is relatively low, between 32% and 37%, indicating a significant rental-oriented housing stock, influenced by a median home price of $704,000. The average commute time for workers in the municipality is 32 minutes, appealing to both local workers and those commuting into NYC. Favorable rent control ordinances further enhance the desirability of Palisade Park. Owners are allowed 4% annual increases and once an apartment becomes vacant the rent can increase to the average of comparable units in the municipality or the highest rent paid by a comparable unit in the same building. The property represents a solid investment due to its minimal maintenance requirements, strong market demographics, and robust cash flow, with future upside potential of 20% on the gross rental income and an estimated 22% increase in the NOI. The current cap rate of 5.75% can be increased to 7.02%, offering investors a compelling stabilized cash-on-cash return of 6.69% and strong forward looking performance.