570 56Th StWest New York, NJ 07093

Property Details for 570 56Th St

Property size (Sq ft)

4,655 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a six-unit, three-story brick apartment building located at 570 56th Street in West New York, New Jersey, 07093. The property boasts 4,655 square feet on a 2,500 square foot lot and is zoned 1-L. Each unit features a "box-style" layout with both front and back entrances. The building is constructed of solid brick and enjoys a convenient location, just half a mile from the Light Rail station. Currently generating a Net Operating Income (NOI) of $53,357, resulting in a 5.34% capitalization rate, this property offers a compelling return on investment. The asking price is $999,000, translating to $166,500 per unit and $214.61 per square foot. Tenants are responsible for hot water expenses. A significant upside potential exists, with an estimated 40% increase in rental income achievable. Furthermore, previous capital improvements have yielded a $50 monthly return for every $1,000 invested. This multifamily property (Class B) represents a strong addition to any investment portfolio. The property is situated in Hudson County, New Jersey.

Location Insight

City

West New York

County

Hudson

State

New Jersey

Latitude

40.7874

Longitude

-74.0205

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