1 Jenny Lind StNetcong, NJ 07857

Property Details for 1 Jenny Lind St

Year built

2004

Property type

Apartment buildings

Description

This exceptional 38-unit apartment building, located at 1 Jenny Lind St, Netcong, NJ 07857, presents a compelling investment opportunity. Built in 2004, this four-story building boasts a modern design and recently completed renovations. The property currently generates a NOI of $630,990, with a pro-forma NOI projected at $807,953, representing a pro-forma cap rate of 6.31%. The asking price is $12,800,000, translating to $336,842 per unit. All 38 units are well-maintained, featuring a mix of vinyl plank flooring and tiled bathrooms. The building caters to a 55+ adult living community. Its prime location offers convenient access to a train station providing a quick commute to NYC (5-minute walk), nearby amenities such as County College of Morris, St. Clare's Dover Hospital, and Rockaway Townsquare (within a 15-minute drive), and Netcong's walkable downtown area with its diverse restaurants and shops. The property also benefits from its proximity to extensive park systems. Further upside potential exists, with an estimated $350+ per unit rent increase possible. Seller financing is available. This is a rare opportunity to acquire a high-performing, well-located multifamily asset with significant growth potential in a desirable New Jersey market. The property is situated in Morris County.

Location Insight

City

Netcong

County

Morris

State

New Jersey

Latitude

40.9006

Longitude

-74.7073

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