570 56Th St West New York, NJ 07093
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Six-unit, three-story brick building, high ROI.
Property size:
4,655 SFProperty Features for 570 56Th St
General Information
- Property type
- Multifamily properties
- Square Feet
- 4,655 SF
- Class
- B
Building Details
- Stories
- 3
- Units
- 6
Listing Agency: Michael Cervelli Real Estate & Property Management Listing Agent: Christopher Gerena
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional investment opportunity presents a six-unit, three-story brick apartment building located at 570 56th Street in West New York, New Jersey, 07093. The property boasts 4,655 square feet on a 2,500 square foot lot and is zoned 1-L. Each unit features a "box-style" layout with both front and back entrances. The building is constructed of solid brick and enjoys a convenient location, just half a mile from the Light Rail station. Currently generating a Net Operating Income (NOI) of $53,357, resulting in a 5.34% capitalization rate, this property offers a compelling return on investment. The asking price is $999,000, translating to $166,500 per unit and $214.61 per square foot. Tenants are responsible for hot water expenses. A significant upside potential exists, with an estimated 40% increase in rental income achievable. Furthermore, previous capital improvements have yielded a $50 monthly return for every $1,000 invested. This multifamily property (Class B) represents a strong addition to any investment portfolio. The property is situated in Hudson County, New Jersey.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial real estate
Location Insight
- Map
- Local Demand
- City
- West New York
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.02049862238
- Latitude
- 40.787445967061
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - Six-unit, three-story brick building, high ROI.
Where is this multifamily property located?
The property is located at 570 56Th St West New York, NJ.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: $999,000 asking price for a six-unit apartment building.; Multifamily, Class B property with 4,655 square feet.; $214.61 price per square foot and a 5.34% cap rate.
