Matthews Real Estate Investment Services™ has been selected to exclusively market for sale a new construction multifamily building on Hudson Ave in West New York. The property sits on a 75’ X 100’ lot and contains a total of 35 residential units with a mix of one-& two-bedroom apartments of varying sizes. The building has a myriad of amenities for tenants to enjoy such as a roof top deck & pool, a fitness room, and a community center. Within the units, tenants have their own washers and dryers, beautifully finished kitchens and bathrooms, and top of the line stainless steel appliances.
As the building was built and leased in 2020, there is 13% upside in the rents that can be easily capitalized on by an investor. Finally, the property features a highly attractive $11.5M assumable loan with a 3.445% interest rate, 9.5-year term remaining, and 1.5 years of interest-only payments still in place.
The property is approximately a 2-minute walk to the 60th St. at Hudson Ave bus stop, providing an 8-minute express trip into Midtown Manhattan. Additionally, the building is situated close to Newark Liberty Airport, JFK, and La Guardia Airport and has easy access to Route 1 & 9, Interstate 95, and I-78.
West New York is home to Bergenline Avenue, which is the longest commercial avenue in New Jersey, boasting over 300 retail stores and restaurants. The Avenue connects West New York with the neighboring communities of Union City, Guttenberg, and North Bergen. As a primary route running along the top of the Hudson Palisades, many segments offer scenic views of the Hudson River and the New York skyline. West New York is one of the most densely populated cities in the United States.
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