Property summary
This exceptional 2021-built, five-unit apartment building in Paterson, New Jersey, presents a compelling investment opportunity. Located on a three-acre lot at 107 Highland Street, this property boasts five spacious two-bedroom, one-bathroom units, each complemented by on-site parking. The building offers a strong 7.01% cap rate (7.08% pro-forma) with a current NOI of $68,307 ($69,028 pro-forma). The asking price is $975,000, translating to $195,000 per unit. Benefiting from a five-year tax abatement expiring in 2026, current taxes are based solely on land assessment. This turnkey investment is strategically positioned near the Bunker Hill industrial area, providing residents with convenient access to employment opportunities. The property's modern construction minimizes deferred maintenance needs, ensuring a smooth and profitable ownership experience. The building's strong location and attractive financial metrics make it an ideal addition to any investment portfolio. The total square footage is 3,169. This property is situated in Passaic County, NJ, zip code 07524.
Property profile
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Comparables
6 recent transactions · within 1.5 miComparable in this City
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Property description
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