2004 Bergenline Ave
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2004 Bergenline Ave
10 Unit Block of Flats £1,762,425 (£176,242/Unit) 6.54% Net Initial Yield Union City, NJ 07087
Investment Highlights
- High-traffic area with high walk score (95)
- 5 minute drive to the NY Waterway Ferry
- Near Holland Tunnel and George Washington Bridge
- 30 minutes to Manhattan via NJ Transit bus
- Lincoln Tunnel: approximately 20 minutes to NYC
- Easy access to all major highways
Executive Summary
Exceptional investment opportunity in the heart of Union City on Bergenline Ave - high-traffic area with very high walk score (95). 2 retail stores on ground floor + 8 residential apartment units upstairs: Approx. 10,200 SF GBA. 12.5' ceiling height and basements for extra storage in retail spaces; Longtime established dry cleaner with steady strong customer base; and Fully occupied 8 apartments. Available Immediately. Nearby retailers: Dunkin Donuts, Valley bank, Post Office, restaurants, dry-cleaner, laundromats, pharmacy. Easy access to all major highways. Ample street parking in the vicinity. Please see brochure for more info. Brochure includes 5% vacancy loss in cap rate analysis for underwriting purposes... building still produces 6.09% cap rate at list price, with vacancy loss consideration. Dry cleaner is currently owner operated and can be delivered vacant or with new operator. New operator would yield 6.8% cap rate with vacancy loss and 7.07% effective cap rate at list price.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£159,793
|
£45.53
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£7,990
|
£2.28
|
| Effective Gross Income |
£151,804
|
£43.25
|
| Taxes |
£28,504
|
£8.12
|
| Operating Expenses |
£16,028
|
£4.57
|
| Total Expenses |
£44,532
|
£12.69
|
| Net Operating Income |
£107,271
|
£30.56
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £159,793 |
| Annual Per SF | £45.53 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £7,990 |
| Annual Per SF | £2.28 |
| Effective Gross Income | |
|---|---|
| Annual | £151,804 |
| Annual Per SF | £43.25 |
| Taxes | |
|---|---|
| Annual | £28,504 |
| Annual Per SF | £8.12 |
| Operating Expenses | |
|---|---|
| Annual | £16,028 |
| Annual Per SF | £4.57 |
| Total Expenses | |
|---|---|
| Annual | £44,532 |
| Annual Per SF | £12.69 |
| Net Operating Income | |
|---|---|
| Annual | £107,271 |
| Annual Per SF | £30.56 |
Property Facts
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 8 | £2,389 | - |
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Walk Score ®
Walker's Paradise (95)
Transit Score ®
Excellent Transit (87)
PROPERTY TAXES
| Parcel Number | 10-00110-0000-00003 | Total Assessment | £1,972,428 (2024) |
| Land Assessment | £407,316 (2024) | Annual Taxes | £28,504 (£8.12/sf) |
| Improvements Assessment | £1,565,112 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
10-00110-0000-00003
Land Assessment
£407,316 (2024)
Improvements Assessment
£1,565,112 (2024)
Total Assessment
£1,972,428 (2024)
Annual Taxes
£28,504 (£8.12/sf)
Tax Year
2023
zoning
| Zoning Code | C |
| C |
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2004 Bergenline Ave
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