For Sale
$7,000,000

59 Willet StBloomfield, NJ 07003

18-Unit Luxury Building, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional Class A, 18-unit apartment building in Bloomfield, New Jersey, presents a compelling investment opportunity. Built in 2016, the property boasts a 100% occupancy rate and a strong net operating income (NOI) of $453,227, yielding a 6.47% cap rate on an asking price of $7,000,000. The building sits on a substantial 2.8283-acre lot and offers a mix of unit sizes and layouts. Four first-floor units feature attached garages, while seven second-floor units offer 1,100 square feet of living space with two bedrooms and two full bathrooms. An additional seven second-floor units provide even more spacious 1,500-square-foot lofts, each with two bedrooms and two full bathrooms. All units include hardwood floors, in-unit washer/dryers, stainless steel appliances (including dishwashers and microwaves), central air conditioning, and either a private patio (first floor) or balcony (second and third floors). The property also includes 38 parking spaces (more than two per unit), presenting a potential value-add opportunity for increased rental income. Its convenient location near major highways, Downtown Montclair, and train service enhances its appeal to renters. The gross annual rental income is $592,344, and the price per unit is $388,888.89. This property offers a rare combination of luxury amenities, high occupancy, and strong financial performance in a desirable New Jersey location.

Highlights

  • $7,000,000 Asking Price for this Class A Multifamily property.
  • 18-unit apartment building with 100% occupancy.
  • $453,227 Net Operating Income (NOI) yielding a 6.47% Cap Rate.
  • Built in 2016, this Bloomfield, NJ property features 28,283 sq ft lot.
  • Units average $388,889 each, offering 38 parking spaces total.

Property Details for 59 Willet St

Property type
Apartment buildings
Class
A
Year Built
2016
Lot Size (sq. ft)
1,232,007,480 SF
Units
18

Location Insight

City
Bloomfield
County
Essex
State
New Jersey
Latitude
40.7953512
Longitude
-74.1794555
59 Willet St, Bloomfield, New Jersey

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59 Willet St
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