Property Details for 266 Central Ave

Year built

1958

Lot size

0.50 lot acres

Property size

3,541 SF

Property type

Apartment buildings

Description

This exceptional three-story apartment building in Ramsey, NJ presents a compelling investment opportunity. Boasting 3,541 square feet on a half-acre lot, the property offers substantial rental income potential. Built in 1958 and extensively renovated in 2012, the building features a main residence with a spacious layout including a grand foyer, living room, dining room, eat-in kitchen, den (convertible to a fifth bedroom), four bedrooms (one primary suite), and three full bathrooms. A separate in-law suite or home occupation space is located on the ground floor, complete with a living room, full bath, laundry room, kitchen, and bonus room, offering independent access. Additional amenities include a two-car garage and a deck overlooking an in-ground pool. The property's strong financial performance is highlighted by a pro-forma NOI of $70,000 and a 6.36% pro-forma cap rate at the asking price of $1,100,000. Its prime location, just half a mile from downtown Ramsey and near local amenities, ensures high occupancy rates and strong rental demand. Convenient access to major transportation routes, including a short drive to the George Washington Bridge and World Trade Center, further enhances its appeal. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a desirable New Jersey location.

Location Insight

City

Ramsey

County

Bergen

State

New Jersey

Longitude

-74.1441

Latitude

41.0484