Overview

Incredible investment opportunity for a truly turnkey property in a prime location. Built in 2018, this property consists of four spacious two-bedroom, two-bathroom units, generating an impressive $92, 224 in net annual income with a CAP rate of approx. 5%. Each unit has separate utilities, with tenants responsible for their own water, gas, electricity, and sewer expenses. The total building spans 8, 286 square feet, with individual apartment sizes ranging from 1, 076 to 1, 235 square feet, situated on a lot measuring 25 x 178. This property offers 6 dedicated parking spaces, ensuring each unit has its own assigned spot, while one unit also feature a private patio. Moreover, any unused parking spots present an excellent opportunity for additional rental income. These modern apartments boast individual washers and dryers, red oak hardwood flooring, central heating and air conditioning, granite countertops, stainless steel appliances, and granite counters and mosaic tile in the kitchens and classic subway tile in the bathrooms. The building is equipped with a central reporting fire alarm, security systems, and a whole building sprinkler system. Conveniently located near major highways (Route 3, 495, & 9) and public transportation options, including bus service to Port Authority that takes less than 30 minutes, this property is also close to parks, restaurants, shopping, and grocery stores. The buildings at 610 12th Street and 612 12th Street can be packaged together. Union City is an outstanding investment area, and finding a property in such exceptional condition is a rare opportunity.