multi-family for sale · 2017-04-01 · building sf: 11,000 sf price psf $140.91 no. units 9 price...

563 E. 23rd St, Paterson, NJ 07514

MULTI-FAMILY FOR SALE

www.bergencountynjrealestate.com/

KW COMMERCIAL257 E. RidgewoodRidgewood , NJ 07450

NICHOLAS [email protected] #1434799

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation aboutit. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.

PROPERTY OVERVIEWMultifamily For Sale With 8 Fully Leased Units

PROPERTY FEATURESBrand New Build On Slab

3 Star Apartments

Hardwood Floors

Security Camera System Throughout Property

Off Street Parking

Independent Plumbing

School District 8

(87) Walk Score

SALE PRICE: $1,100,000

UNITS:8 Units (4) 3 Bed 1 Bath

(4) 2 Bed 1 Bath

PRICE PER UNIT: $137,500

CAP RATE: 5.45%

GRM: 9.75

NOI: $60,000

LOT SIZE: 0.31 Acres

BUILDING SIZE: 8,900 SF

YEAR BUILT: 2003

CROSS STREETS: 11th & 12th

http://www.bergencountynjrealestate.com/

RENTAL OVERVIEW8 Units ·(4) 2 Bed, 1 Bath(4) 3 Bed, 1 Bath

**4 Rentals Are Secured Section 8**Rents Can Be Increased Within 26 Months

LOCATION OVERVIEWLocated EastsideMF Submarket Paterson, 2 blocks from Midtown Broadway.

UTILITIESSeparate Meters for Gas & Electric, Water is shared.HVAC & HWH Located in Rental Units

AMENITIESAmple Available Off Street ParkingLaundry Facilities On SiteSecurity SystemDumpster

TAXES$2,763.40 / Unit (2016)














STREET ADDRESS: 563 E. 23rd St

CITY, STATE, ZIP: Paterson, NJ 07514

APN: 08-03405-0000-00030

LOT SIZE: 0.31 AC

BUILDING SIZE: 10,100 SF

BUILDING CLASS: B

ZONING: APARTMENT-4C

PARKING SPACES: 10 free Surface Spaces; 1.3 per Unit

TAXES: Tax Year 2016-2017 - $22,107

YEAR BUILT: 2003

NUMBER OF STORIES: 2

PROPERTY DIMENSIONS: 136' x 100'

CONSTRUCTION: Triple Brick / Masonary

NUMBER OF UNITS: (8 Units) - 4 Units Section 8




SUBJECT PROPERTY

563 E. 23rd St | Paterson, NJ 07514

$1,100,000Sale Price: 2003Year Built:

10,100 SFBuilding SF: $108.91Price PSF:

8No. Units: $137,500Price / Unit:

9.75GRM: 5.45%Cap:

$60,000NOI:

48-54 E.13TH ST48-54 E. 13th St | Paterson, NJ 07514

$1,550,000Sale Price: 2011Year Built:

11,000 SFBuilding SF: $140.91Price PSF

9No. Units $172,222Price / Unit

7.5%CAP: 08/07/2015Closed:

1

1

Nine Loft Style Luxury Condominiums in the heart of one of North Jersey's most vibranturban centers. Units range from 1 bedroom/1 bath models to 2 bedroom/2.1 bath 2 storymodels; 13 Foot ceilings, hardwood floors, exquisite kitchens and bathrooms, laundry inunit, off street parking, optional balcony.

288 20TH AVE288 20th Ave | Paterson, NJ 07501

$840,000Sale Price: 1940Year Built:



8.5%CAP: 04/20/2016Closed:

100%Occupancy: $75,586NOI:

2

2

2 Excellently Maintained Buildings. Building 1: Is a 3 story Buidling with 1st Floor Hair Salon,1 - Three Bedroom and 4 - Four Bedroom Apartments. Building 2: Is a 3 story building with3 - Three Bedroom Apartments. 2 Car Driveway for private parking of 4 vehicles andadditional on street parking. All units have seperate utilities: gas boilers and water heaters inunfinished basement with storage. Salon has 3 year lease all apartments are Month toMonth and are below Market Rate.

30-32 12TH ST30-32 12th St | Paterson, NJ 07501

$855,000Sale Price: 2003Year Built:



02/05/2016Closed:

3

3

Midrise Garden Apts






SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS

563 E. 23rd StPaterson, NJ 07514

$1,100,000 10,100 SF $108.91 $137,500 5.45% 9.75 8

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

148-54 E.13th St48-54 E. 13th StPaterson, NJ 07514

$1,550,000 11,000 SF $140.91 $172,222 7.5% - 9 08/07/2015

2288 20th Ave288 20th AvePaterson, NJ 07501

$840,000 11,000 SF $76.36 $93,333 8.5% - 9 04/20/2016

330-32 12th St30-32 12th StPaterson, NJ 07501

$855,000 11,796 SF $72.48 $85,500 - - 10 02/05/2016

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS

TOTALS/AVERAGES $1,081,667 11,265 SF $96.02 $115,934 8% - 9.33








563 E. 23rd St | Paterson, NJ 07514SUBJECT PROPERTY



1

48-54 E. 13th StPaterson, NJ 07514

48-54 E.13TH ST

2

288 20th AvePaterson, NJ 07501

288 20TH AVE

3

30-32 12th StPaterson, NJ 07501

30-32 12TH ST






INVESTMENT OVERVIEW

Price $1,100,000

Price per Unit $137,500

GRM 9.8

CAP Rate 5.5%

Cash-on-Cash Return (yr 1) 5.45 %

Total Return (yr 1) $60,000

Debt Coverage Ratio -

OPERATING DATA

Gross Scheduled Income $112,800- Actual 2016

Other Income $800- Laundry

Total Scheduled Income $112,000-

Vacancy Cost -

Gross Income $112,800

Operating Expenses $52,800-

Net Operating Income $60,000-

Pre-Tax Cash Flow $60,000












* Demographic data derived from 2010 US Census



ETHNICITY 1 MILE 3 MILES 5 MILES

% HISPANIC 50.2% 42.9% 38.5%

RACE 1 MILE 3 MILES 5 MILES

% WHITE 28.3% 51.2% 59.4%

% BLACK 43.0% 21.4% 13.2%

% ASIAN 0.7% 4.2% 5.2%

% HAWAIIAN 0.0% 0.0% 0.0%

% INDIAN 0.1% 0.2% 0.1%

% OTHER 25.7% 21.1% 20.3%

POPULATION 1 MILE 3 MILES 5 MILES

TOTAL POPULATION 63,886 300,186 615,296

MEDIAN AGE 30.8 34.7 36.0

MEDIAN AGE (MALE) 29.0 33.0 34.6

MEDIAN AGE (FEMALE) 32.6 36.6 37.5

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

TOTAL HOUSEHOLDS 19,520 97,083 203,329

# OF PERSONS PER HH 3.3 3.1 3.0

AVERAGE HH INCOME $43,636 $62,207 $75,406

AVERAGE HOUSE VALUE $344,091 $408,573 $454,221


multi-family for sale · 2017-04-01 · building sf: 11,000 sf price psf $140.91 no. units 9 price...

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