Mt. Holly & Pennsauken, NJ
Property Type: MultifamilySize: 20 Units
Price: See Details Below
CAP: See Details Below
Highlights:
- 16 Units in Mount Holly, 4 Units in Pennsauken - Can be Sold Separately or Together
- Large Value Add Potential: Rents Average $368 Below Market
- Long-Term Ownership: Seller has Owned Properties Since 2011
- Tenant-Paid Heat in All Units
- Mount Holly Property is Walking Distance to Main Street Mount Holly, Shopping, Dining, and Virtua Mount Holly Hospital
Description:
47-50 BRAINERD STREET INVESTMENT OVERVIEW
16 Units • $2,250,000 • 4.88% Cap Rate
47-50 Brainerd Street is a 16-unit apartment complex spread out over two buildings located in Mount Holly, NJ. The buildings each contain 8 units, and are located right across the street from each other on separate tax parcels.
The units feature either a private balcony or patio, and they are all one-bedroom apartments. The basement of the 48-50 Brainerd Street building has a large common area for the tenants to enjoy with couches, a television and a small greenhouse located out back on the patio. Each of the basements has coin-operated laundry for the tenants to use, along with the individual furnaces and hot water heaters for the apartments. In addition, there are individual storage lockers for each unit in the basement. The complex has been kept in very good condition due to the owner’s keen attention to detail. There is ample on-street and off-street parking located next to and across from the buildings.
The Township of Mount Holly is the county seat of Burlington County, and is home to more than 10,000 people. The property is situated in proximity to the center of town, allowing the tenants the ability to walk to the many nearby shops and restaurants.
The Property represents a rare opportunity to acquire an apartment community in the highly desirable South Jersey rental market. The market average for competing one-bedrooms ($1,532) in the submarket is 24.8% greater than the average rents of 47-50 Brainerd St. The below-market rents allow for investors to come in and make renovations to see a substantial growth in rents.
3312 COVE ROAD INVESTMENT OVERVIEW
4 Units • $800,000 • 4.69% Cap Rate
3312 Cove Rd is a 4-unit apartment building located in Pennsauken Township, NJ. The building contains all two-bedroom units that have been updated in recent years with new cabinets, granite countertops, hardwood flooring and renovated bathrooms. The units all feature in-unit washer/dryer combinations and have separate entrances. The parking lot out back is in very good condition and can fit up to 8 cars.
The Property is located in the very desirable Camden County and is in proximity to the major thoroughfares of South Jersey and the Cherry Hill Mall. The below-market rents allow an incoming investor to capture the remaining upside in the property upon turnover without doing much work, given the excellent status of the apartments.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
