1101 Smt Ave Union City, NJ 07087-6237

Property Details for 1101 Smt Ave

Year built

1893

Construction

FRAME

Lot size

0.04 lot acres

Property type

Commercial real estate

APN

10 00056-0000-00008

APU

1000056000000008

Description

This exceptional investment opportunity presents a three-story, mixed-use building located at 1101 Summit Ave, Union City, NJ 07087. The property, classified as a Class C building, encompasses approximately 2,552 square feet of net rentable space within a total square footage range of 2,000 to 6,000 square feet. Currently operating at 100% occupancy, the building features five units, each with two bedrooms and one bathroom, generating a substantial net operating income (NOI) of $63,380, resulting in a compelling 6.53% capitalization rate. The building's mixed-use nature includes a ground-floor takeout restaurant, adding to its income potential. The property also includes a full unfinished basement with high ceilings and docking facilities, offering significant potential for future expansion or development. Conveniently, each unit has separate utilities, simplifying management and maximizing efficiency. Situated in Hudson County, this property benefits from its proximity to Manhattan, New York, approximately five miles away, making it an attractive location for renters. The permitted zoning is classified as "C". The asking price for this turnkey investment is $970,000. This is a rare opportunity to acquire a high-performing asset in a desirable and rapidly growing market.