81St St, North Bergen, NJ 07047

Property Details for 0 81St St

Year built

1984

Lot size

1.50 lot acres

Property type

Hospitality properties

Property subtype

Motels

Description

This exceptional investment opportunity presents three independent motels totaling 85 keys, strategically located in North Bergen and Lyndhurst, New Jersey. These properties boast a remarkable 45-year lease with an option to purchase, offering unparalleled long-term stability. The portfolio currently enjoys 100% occupancy, generating a substantial NOI of $1,080,983 (projected to reach $1,214,232). Built in 1984 and extensively renovated in 2024, the three two-story buildings sit on a combined 1.5 acres of land, providing ample parking for 90 vehicles. The properties feature 90 beds and modern, large bathrooms with granite and quartz finishes. The current operational model is straightforward, with a revenue mix of 80% cash and 20% credit card payments. There is no reliance on property management systems, electronic locks, or online travel agencies. The portfolio's financial performance is impressive, with a combined room revenue of $2,714,064 in 2023 and $2,874,025 in the trailing twelve months ending July 2024. The asking price is $1,800,000, representing a compelling cap rate of 60.05% (pro-forma 67.46%). Each property has a base annual rent of $288,000, with future rent increases tied to the Consumer Price Index. A security deposit equivalent to two months' rent is required. This is a rare opportunity to acquire a stabilized, high-performing motel portfolio with significant long-term potential. The properties are zoned for lodging and are offered for sale by owner.

Location Insight

City

North Bergen

County

Hudson

State

New Jersey

Longitude

-74.0159

Latitude

40.8076