222-224 70th St, Unit 224 Guttenberg, NJ 07093-3446

Property Details for 222-224 70th St

Construction

FRAME

Lot size

0.11 lot acres

Property type

Commercial real estate

APN

03 00026-0000-00029

APU

300026000000029

Description

This exceptional 10-unit multifamily property located at 222-224 70th St, Guttenberg, NJ 07093, presents a compelling investment opportunity. Priced at $2,877,000, it boasts a strong 6.08% cap rate and a substantial net operating income (NOI) of $174,863. The property comprises nine residential units – a mix of one, two, and three-bedroom apartments – and one commercial space. Further enhancing its value are 18 storage units, generating additional income streams. Recent upgrades include new water heaters, brand new windows, and a roof replacement completed in phases (2015 and 2017). Security is ensured with 20 security cameras installed throughout the building. Landlord responsibilities include heat, hot water, water/sewer, and electricity, minimizing tenant expenses. The property offers significant upside potential, with an average rent of $1,810 compared to a market rent of $2,508, indicating a substantial increase in rental income upon turnover. Conveniently located, the building is approximately an 8-minute walk to the Boulevard East at 72nd St bus stop, providing easy access to Midtown Manhattan via a 10-minute bus ride. This value-add opportunity presents a strong cash-on-cash return of 5.57% and a pro forma cap rate of 8.51%, making it an attractive investment for discerning buyers. The price per unit is $319,667.