570 56Th St West New York, NJ 07093
- Commercial real estate
- 4,655 SF
Current Use by Public Records
- Commercial real estate
Property Details for 570 56Th St
- Property size
- 4,655 SF
- Property type
- Commercial real estate
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- West New York
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.02049862238
- Latitude
- 40.787445967061
