Vineland, NJ
Property Type: MultifamilySize: 36 Units
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- 36 Townhome-Style and Bungalow-Style Apartments Units Located in Vineland, New Jersey
- Eight Buildings Located Just Five Minutes Apart
- Current Rent Roll 19% Below-Market Without Renovation (No Rent Control in Vineland)
- Opportunity to Increase Rent Roll by 55% Through Unit Renovation Plan
Description:
Marcus & Millichap is pleased to present for sale 508 North West Avenue and 515 South 3rd Street - A mixture of 36 townhome-style and bungalow-style apartment units located in Vineland, NJ. The collection consists of eight buildings, located just five minutes apart. Each of the six buildings located at 508 North West Avenue contain four units each, and the two buildings located at 515 South 3rd Street contain six units each. The investment not only provides an investor the opportunity to acquire 36 apartment units in Cumberland County, NJ, which has been a rent growth leader in New Jersey in recent years, but also provides an investor to the freedom to capitalize on the currently below-market rents by either raising rents to market rate with the units in their current condition, or executing a light renovation plan and nearly doubling the potential rent roll.
The townhome-style units located at 508 North West Avenue were completed in 1997, and the bungalow-style units at 508 North West Avenue and townhome-style units located at 515 South 3rd Street were completed in the late 1960s. The townhome-style units located at 508 North West Avenue are comprised of two-bedroom, two-and-a-half bathroom units. The bungalow-style units consist of two-bed, one-bathroom units. The townhome-style units located at 515 South 3rd Street consist entirely of two-bedroom, one-and-a-half bathroom units. All units are finished with hardwood flooring in bedrooms and living spaces. The kitchens are fitted with vinyl countertops and tile flooring, dishwashers, gas stoves, and microwaves. Each unit relies on window units for air conditioning and gas baseboard-unit heat. There are two designated parking spots for each unit at 508 NW Avenue, and one designated spot each at 515 South 3rd Street, with ample visitor parking at both properties.
Residents enjoy easy access to State Route 55, which runs from Philadelphia to Cape May, and State Route 40, which runs from Atlantic City to Wilmington. There are multiple NJ Transit stops located on Landis Avenue, directly in between the two properties, each located just half a mile from the respective properties. Each NJ Transit stop has multiple transit lines running through it, giving residents giving residents a convenient way to get where they need to go. 508 North West Avenue and 515 South 3rd Street offer an investor the unique opportunity to acquire two value-add assets in a strong rental market with a history of steady rent growth.
Full Summary:
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