1700-06 Kerrigan
Avenue
Executive Summary
ZOHAR “ZACK” ZAMIR Broker Associate, Founder Office: 201-398-9898 Cell: 201.780.7884 Zohar@ ZamirRealtor.com
BUILDING/ UNITS:
Seven (7) Large Apartments Possible Bonus Basement Unit
Additional Basement Storage & Laundry Parking in Rear
PROPERTY CLASS:
APARTMENT - 4C, Zoned R BUILDING SQUARE FOOTAGE: 5,988
LOCATION:
1700-06 Kerrigan Avenue between 17th Street and 18th Street, Union City, NJ 07087 Block # 00094 / Lot# 00011
LOT SIZE:
28’ x 100’ - 0.0643 Acres NUMBER OF STORIES: 3
UTILITIES:
Separate electric, gas, hot water for all units. Owner pays building water/sewer.
CONDITION:
Well maintained and fully occupied. Some units renovated. Steady income and easy to manage ASKING PRICE:
$1,229,000
Amazing opportunity to own a solid earner in up and coming Union CIty. This large 3 story building features seven residential units on a corner lot with on-site parking and a prime location. There is potential for an 8th basement unit.
Fully rented building with a history of steady income and reliable tenants. Outstanding initial value, plus below market rents and room for renovation provide an upside opportunity.
Ideally situated within blocks of it all - this location provides easy access to major throughways, public transit,
parks, shopping, and the waterfront. An easy NYC commute makes it a
desirable rental property and easy to fill. The desirability of the location is further reinforced by a spurt of local
development, with major projects recently completed across the street and surrounding the building.
Easy to rent out today with value to be added both in improving the site and enjoying the increasing value of the neighborhood. Get the best of short and long-term gains all in one.
Easy to manage building can be as hands-off as you want it to be, with an already proven financial model and
established tenants. The sky is the limit as Union City continues to grow - Now is the time to take your piece of it.
8 min Walk
Hoboken University Medical Center
4th & Jackson HOP Shuttle to the PATH Train
124
Lincoln Tunnel
2 min To Bus
Union City Public Library
H o b o k e n
Reservoir Park
Building Features
ZOHAR “ZACK” ZAMIR Broker Associate, Founder Office: 201-398-9898 Cell: 201.780.7884 Zohar@ ZamirRealtor.com Easy to Manage
Fully occupied by long-term tenants
On-site Super to handle day to day and
maintenance
Building in good condition and well maintained, no major improvements needed
Separate metered major utilities, with only a low owner output for sewer, water, and common area electric.
Union City - Up and Coming Market
➢ 10-30 Minutes to PABT by NJTransit Bus, closest stop around the corner from the building
○ Alternately, Union City provides easy access to PATH Train from Hoboken or Jersey City, the Ferry out of Weehawken, or the nearby Lincoln Tunnel
➢ Multiple new developments and construction projects continue to improve real estate values over time.
➢ Rich dining scene, with an influx of new businesses, shopping centers and other economic developments that continue to improve the neighborhood
➢ NYC Views
HIGHLIGHTS:
❖ Large Units
❖ In-Building Laundry Facilities (Basement)
❖ Storage Space for Owner or Tenants (Basement)
❖ Income Opportunity for each of these amenities
❖ Long Term Gains
❖ Hold and Grow Investment
❖ Developing Area
❖ Corner building with major street visibility and side street
Building Financials
Rent Roll
Total Expenses $ (39,3559.55)
Unit Apartment Type Monthly Rent Annual Rent
#1 3 BR, 1 BTH $ 1,445.00 $ 17,340.00
#2 3 BR, 1 BTH $ 1,530.00 $ 18,360.00
#3 3 BR, 1 BTH $ 867.00 $ 10,404.00
#4 3 BR, 1 BTH $ 1,700.00 $ 20,400.00
#5 3 BR, 1 BTH $ 1,246.00 $ 14,952.00
#6 3 BR, 1 BTH $ 963.00 $ 11,556.00
#7 2 BR, 1 BTH $ 834.00 $ 10,008.00
#8* 1 BR, 1 BTH $ 614.93 $ 7,379.16
Laundry - $ 200.00 $ 2,400.00
Parking 1 - $120.00 $ 1,440.00
Parking 2 - $120.00 $ 1,440.00
Gross Income $ 115,679.16 * PSE&G $ (3,281.86) Insurance $ (3,361.24) Real Estate Taxes $ (17,465) Water $ (3,631.24) Sewer $ (6,549.84) Super $ (1,800.00) Management (3%) $ (3,470.37-)
Income & Expense
Total $ 9,639.93 $ 115,679.16
* Included is Hypothetical Income for Possible Basement Apartment, Which Could Leverage the Maximum Available Building Square Footage for a Gross Income of over $7,000 Additional Per Annum.
Investment Highlights
ZOHAR “ZACK” ZAMIR Broker Associate, Founder Office: 201-398-9898 Cell: 201.780.7884 Zohar@ ZamirRealtor.com
Asking Price
$1,150,000
Gross Rental Income
$ 115,679.16
Total Expenses
$ 39,559.55
NOI
$ 76,119.61
Contact Information
ZOHAR “ZACK” ZAMIR
Broker Associate, Founder
The Zamir Group - Keller Williams Town Life 94 River St | Hoboken, NJ 07030
20-00 Fair Lawn Ave | Fair Lawn, NJ 07410 25 Washington St | Tenafly, NJ 07670
