Elevator Apartment
387 Park St, Hackensack, NJ 07601
For Sale
Contact for pricing
Eleven apartments are served by an elevator, with separately metered utilities and on-site parking.
Property Size13,067 SF
Lot Size0.23 Acres
Price / SF$355.86
Days on Market27
Property Features for 387 Park St
General Information
Standard status
Size
Total Parking Spaces
Elevators
Lot size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Tenant in Place
Amenities
modern lobby
common areas
Building Details
Year Built
Buildings
Listing Agency:
Keller Williams City Views
Listed By:
Elvis Durakovic · License #NJ 2077993
Source:
Crexi
Added: Oct 14
Changed: Nov 8
Last Checked: Nov 8 at 6:19PM
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 Keller Williams City Views
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Investment Insights
Based on property information with market context.
Completed in 2024, this 13,067-square-foot apartment building contains 11 residences: nine one-bedroom, one-bathroom units and two two-bedroom, two-bathroom units. An elevator serves the building, which includes a lobby and shared areas. The property occupies 0.23 acres and has 18 on-site parking spaces.
The building is 100% occupied, with all utilities separately metered. The property is pet-free.
The building is 100% occupied, with all utilities separately metered. The property is pet-free.
Key Highlights
- 11 apartments: nine 1‑bedroom/1‑bath and two 2‑bedroom/2‑bath units
- 13,067 SF building completed in 2024
- Elevator access, lobby, and common areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$200,944
Cap Rate
4.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,018,880
$4.0M
Cap Rate 7%
$2,870,629
$2.9M
Cap Rate 9%
$2,232,711
$2.2M
Market Conditions
NOI Build-Up for 13,067 SF
Gross rent
$392.0K $30.00/SF
− Vacancy
−$26.7K −$2.04/SF
EGI
$365.4K $27.96/SF
− OpEx
−$164.4K −$12.58/SF
NOI
$200.9K $15.38/SF
Area
Bergen County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,018,880
Cap Rate 7%
$2,870,629
Cap Rate 9%
$2,232,711
Alternative Uses
Best Use
Apartment 5plus
$2.87M
$2.51M – $3.35M
NOI $200,944 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.41M
$2.99M – $3.98M
NOI $238,844 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
11
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,641
Businesses Nearby
Explore this area
Business Placement
Demographics for 07601, NJ
46,030
Population
21,405
Households
2.2
Avg Household Size
40
Median Age
42%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
10,960
Density / Sq Mi
$82,212
Median Household Income
$50,265
Median Earnings
$1,794
Median Rent
$370,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Apartment buildings in Bergen County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Eleven apartments are served by an elevator, with separately metered utilities and on-site parking.
Where is this apartment building located?
The property is located at 387 Park St Hackensack, NJ.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 11 apartments: nine 1‑bedroom/1‑bath and two 2‑bedroom/2‑bath units; 13,067 SF building completed in 2024; Elevator access, lobby, and common areas
