62 King Cole Rd Hamburg, NJ 07419

Property Details for 62 King Cole Rd

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity encompasses a portfolio of two buildings totaling 38 apartment units situated in Hamburg and Sussex, New Jersey. The portfolio consists of a mix of studio, one-bedroom, and two-bedroom apartments, housed in buildings constructed in 1920 and 1952. Currently operating at 100% occupancy, the property offers a compelling value-add proposition due to rents currently below market rates, presenting a significant opportunity for future income growth. The portfolio boasts a current Net Operating Income (NOI) of $378,837 and a pro-forma NOI of $511,436, translating to a current cap rate of 6.31% and a pro-forma cap rate of 8.52%. The asking price is $6,000,000, representing a price per unit of $157,894.74. Conveniently located near major roadways including Routes 15, 206, and 23, the property offers excellent accessibility to New York City via NJ Transit bus service, with a commute time of approximately 1 hour and 10 minutes to the Port Authority Bus Terminal. Residents enjoy proximity to a variety of amenities, including parks, recreational activities, shopping, dining, and highly-rated schools. The area also benefits from the presence of major employers such as Crystal Springs Resort, Newton Medical Center, Selective Insurance, Mountain Creek, and Thor Labs. This portfolio presents a rare opportunity to acquire a well-positioned, value-add multifamily asset in a desirable New Jersey location.