715 22Nd St Union City, NJ 07087
- Commercial real estate
- 0.07 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 715 22Nd St
- Year built
- 1913
- Lot size
- 0.07 lot acres
- Property type
- Commercial real estate
Description
This exceptional 8-unit apartment building at 715 22nd Street, Union City, NJ, presents a compelling investment opportunity. The property boasts a desirable location in Hudson County, offering a strong rental market and potential for future rent growth. Built in 1913, this three-story, Class B building comprises 3,158 square feet on a 0.07-acre lot and features a diverse mix of one, two, and three-bedroom units, ensuring a broad tenant appeal. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $84,240, translating to a compelling 6.24% cap rate. The asking price is $1,350,000, or $168,750 per unit, reflecting a stabilized investment with fee simple ownership. Well-maintained and professionally managed, the building benefits from efficient expense management, including insurance, taxes, and utilities. This property offers investors a stable, income-producing asset with significant potential for long-term profitability and consistent cash flow, making it an ideal addition to any portfolio. The property's strong financials, combined with its prime location and diverse unit mix, position it for both immediate and sustained returns. This is a rare opportunity to acquire a well-performing multifamily property in a highly sought-after New Jersey market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Union City
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.0364448
- Latitude
- 40.7674742
