Mount Holly, NJ
Property Type: MultifamilySize: 16 Units
Price: $2,250,000
CAP: 4.98%
Highlights:
- 16 Units in Mount Holly, New Jersey
- Large Value Add Potential: Rents Average $368 Below Market
- Long-Term Ownership: Seller has Owned Property Since 2011
- Tenant-Paid Heat in All Units
- Walking Distance to Main Street Mount Holly, Shopping, Dining, and Virtua Mount Holly Hospital
Description:
Marcus & Millichap is pleased to present for sale 47-50 Brainerd Street - 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.
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