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Multifamily Residential Offering, 304 Ege Ave, Jersey City NJ

Multifamily Residential Offering, 304 Ege Ave, Jersey City NJ
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Property Summary

Multifamily Residential
Offering Price               $350,000
County                              Hudson
Block / Lot                  1765 / 32.A
Number of Units                         5

Investment Highlights

  • Excellent Cash Flow
  • Tenant Pays Own Gas/Heat
  • Significant Value-Add Opportunities

Location Highlights

  • Public and Light Rail Access Within Blocks
  • 24-Hour PATH Train and Hudson-Bergen Light Rail Systems Provide Newark to NYC, Secaucus to Bayonne Transportation
  • Journal Square Redevelopment Initiative Significant Impact on Occupancy Levels and Rents
  • Dense population, strong rental base and significantly low vacancy rates

Property Highlights

  • 3 Story Building
  • 5 Box Style Units
  • 1st Level Wraparound Unit
  • Building Requires Moderate Work

Financial Summary

Purchase Price                        $350,000
Down Payment 15.0%              $52,500
Loan Amount                        $297,500
Interest Rate @ 6.350%      for 30 Years

Operating Proforma

Gross Potential Income           $42,240
Less Vacancy 5.0%                    $2,112
Eff. Gross Income                  $40,128

Expenses
Real Estate Taxes                       $7,201
Insurance                                  $2,000
Utilities                                        $500
Sewer & Water                          $1,625
Maintenance                                $955
Superintendent                                 $-

Total Expenses (30.61%) of EGI          $12,281

Net Operating Income          $27,847

Financial Ratios

Capitalization Rate                       7.96%
Cash-on-Cash Return (%)          10.73%
Debt Service Coverage Ratio        1.25 x

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