512 Park Ave

A rare opportunity to own a 6 unit multi-family with basement storage units and a beautiful courtyard, fully redeveloped in 2020. This investment is a rare find in Hoboken, offering an unbeatable combination of high rental income and low maintenance costs, with a cap rate of 5.25% on the in-place NOI and a projected cap rate of 5.75%. There is potential to generate additional income from the onsite storage lockers and the new owner could benefit with the installation of solar panels. The legal rents are significantly higher than the current rents. There is also a unique opportunity for condo conversion. Hoboken is often referred to as the "Sixth Borough" of New York due to the ease of convenience for commuting into NYC, and 512 Park Avenue offers close proximity to transportation hubs including the Path, NJ Transit buses, Light Rail and Ferry. Also convenient to parks, nearby parking garages, and bustling Washington Street with a large variety of amazing restaurants, and the Hoboken Waterfront. These units are in high demand and often receive multiple offers when they are available. Reach out for more information.