Sold

512 PARK AVE

Hoboken NJ, 07030

$3,800,000


Sold

6 Baths

Commercial

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.

230019609

MLS ID

November 21, 2023

Listed

June 11, 2024

Updated

Map

512 PARK AVE
Hoboken NJ, 07030

Interior Features

Total Bathrooms

6


Full Bathrooms

6


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Other Property Details

Area Name

Hoboken


Days on Market

134


Garage

No


View

No


County

Hudson


Pool

No

Courtesy of COMPASS NEW JERSEY, LLC with MARIE GOMER,
Listing Contact: 201-627-4947 

The IDX display contains information sourced from the Realty Multiple Listing System, Inc. as of 6/11/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

©2024 Realty Multiple Listing System, Inc. all rights reserved.

Data last updated on 6/11/2024 at 1:11 PM UTC

Powered byLuxury Presence