415 6Th St, Union City, NJ, 07087
Your new Investment Property awaits you at 415 6th Street! With a Gross Income of $72, 228 per annum, an NOI of $47, 424, and a Cap Rate of 5.28% at asking price, this opportunity is the one you have been searching for ideally situated in a Federal Opportunity Zone! The building contains a total of 5 residential units, each with their own water heaters and electric meters. The building features a new roof, and multiple new water heaters, well maintained common areas, a spacious backyard and an attractive facade. All tenants have been in place for 3 years or more, and all rents are current. The Basement Unit is occupied by Section 8 HAP Tenant, which provides an added level of security and consistency for any investor. The Unit 3 Tenant acts as Superintendent for the building for a $100 Monthly Rent Credit, providing services such as Trash Removal, which provides added convenience for your hands off investment. The Lease for Unit 2 ends in May 2022, the Lease for Unit 5 ends in August 2022, and all other Leases are Month-to-Month. Moreover, all 5 apartments are below their registered rent, so there is upside potential with the ability to increase rents in the future. The property is ideal for a 1031 Exchange buyer, a Qualified Opportunity Fund purchasing in a Federal Opportunity Zone, or simply for any investor looking to secure a terrific new income producer! Do not miss the opportunity to add this high yielding asset to your Real Estate Portfolio today!
Income and Expense Report