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    570 56Th St West New York, NJ 07093

    Sponsored
    For Sale
    $999,000

    Six-unit, three-story brick building, high ROI.

    Property size:
    4,655 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    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 Features for 570 56Th St

    General Information

    Property type
    Multifamily properties
    Square Feet
    4,655 SF
    Class
    B

    Building Details

    Stories
    3
    Units
    6

    HighLights

    • $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.
    • $53,357 Net Operating Income (NOI).
    • Six units in a three‑story brick building on a 2,500 square foot lot in West New York, NJ.
    • Located 0.5 miles from Light Rail.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    West New York
    County
    Hudson
    State
    New Jersey
    Longitude
    -74.02049862238
    Latitude
    40.787445967061

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    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.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    570 56Th St West New York, NJ 07093
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