3301 Pleasant AveUnion City, NJ 07087

Property Details for 3301 Pleasant Ave

Year built

1963

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a portfolio of three low-rise brick buildings situated at the intersection of Pleasant Avenue and 33rd Street in Union City, New Jersey. Comprising a total of nine units, each a two-bedroom, one-bathroom condominium, this property boasts 100% occupancy and a strong NOI of $98,669, yielding a 6.64% cap rate. Built in 1963, the buildings are well-maintained and offer four parking spaces. The property benefits from a prime location, offering convenient access to Weehawken and the Lincoln Tunnel, placing residents within a 10-minute commute of Manhattan's Hudson Yards, Garment District, and Madison Square Garden. Tenants are responsible for electric heat and individual gas stove usage, while the owner covers hot water and sewer costs. Each condominium is individually taxed. This rent-stabilized portfolio presents a compelling opportunity for passive income generation and long-term investment growth. The asking price is $1,484,874, or $164,986 per unit. The property is zoned RM. This is a rare opportunity to acquire a well-performing multifamily portfolio in a highly desirable location. The buildings are individually addressed as 3301 Pleasant Ave, 3303 Pleasant Ave, and 106 33rd St, all in Union City, NJ 07087.

Location Insight

City

Union City

County

Hudson

State

New Jersey

Latitude

40.7684

Longitude

-74.0247

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