610 12Th St Union City, NJ 07087

Property Details for 610 12Th St

Year built

2018

Lot size

0.20 lot acres

Property type

Commercial real estate

Description

This exceptional turnkey investment opportunity presents two three-story apartment buildings totaling eight spacious two-bedroom, two-bathroom units in Union City, New Jersey. Built in 2018, the property boasts 16,572 square feet on a 0.2-acre lot (50 x 178 feet) and offers twelve dedicated parking spaces, with two units featuring private patios. Each unit, ranging from 1,076 to 1,235 square feet, features modern amenities including red oak hardwood floors, central heating and air conditioning, granite countertops, stainless steel appliances, mosaic and subway tile, and in-unit washer/dryers. Tenants are responsible for their own utilities (water, gas, electricity, and sewer), contributing to a strong net operating income (NOI) of $182,408 and a 4.80% capitalization rate. The property benefits from a central reporting fire alarm, security systems, and a whole building sprinkler system. Its prime location near major highways (Routes 3, 495, and 9) and public transportation (including bus service to the Port Authority in under 30 minutes) provides easy access to Manhattan and surrounding areas. Nearby amenities include parks, restaurants, shopping, and grocery stores. The buildings, located at 610 and 612 12th Street, can be sold separately. This represents a rare opportunity to acquire a high-quality, well-maintained multifamily property in a thriving investment area.