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26895412
26895413

2 Locations

JP
NJ 2077598
Horvath & Tremblay
ML
NJ 0569706
Horvath & Tremblay
Listed by Horvath & Tremblay
$3,250,000
270 days on market
Updated 38 days ago

276-278 & 284 W Palisade Avenue

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 11,312
Units 11
Cap Rate 6.88%
NOI $223,484
Year Built 1923
Buildings 2
Acreage 0.230

Multifamily | 11 Units | $295,455/unit

Marketing description

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase two multi-family investment properties located at 276-278 & 284 W Palisade Ave in Englewood, New Jersey (the “Properties”). The multi-level buildings contain seven (7) 3-Bedroom/1-Bathroom units, two (2) 2-Bedroom/2-Bathroom units, one (1) 2-Bedroom/1-Bathroom unit, and one (1) Studio unit with 11,312 square feet of gross living area. The Properties are situated upon a 0.23-acre parcel and offers a mix of off-street and on-street parking

276-278 & 284 W Palisade Avenue are prominently located properties in the heart of Englewood’s vibrant downtown. The Properties benefit from strong visibility along one of the city’s primary commercial corridors, surrounded by a wide variety of retail, dining, and service amenities. Tenants enjoy excellent regional connectivity with quick access to Route 4, the George Washington Bridge, and multiple NJ Transit bus lines offering direct service into Manhattan.

Investment highlights

TRANSIT ORIENTED LOCATION

HIGHWAY: The Properties are well-located along W Palisade Ave, and are 2.9 miles from Palisades Interstate Parkway, offering connection to the Tri-State Area. The Properties also offer convenient access to New Jersey Route 4 to the southwest and Interstate 95 (I-95) to the south.

BUS: The NJ Transit Bus Routes 186 & 756 stop right outside the door at the Palisade Ave at Palisade Place stop, servicing routes throughout New Jersey and into New York City.

TRAIN: The New Bridge Landing NJ Transit Station is 4.2 miles to the west, offering access to the PASC Line, servicing Hoboken, Hudson, and Bergen counties, as well as going to Rockland County, New York.

VALUE-ADD POTENTIAL: In-place rents are significantly below the current market rates; the opportunity exists to upgrade unit interiors and common areas to drive rental rates in an urban-infill, high demand/supply constrained residential market.

SEPARATELY METERED UTILITIES: The Properties are separately metered for all utilities including gas powered heat and hot water, separately metered electricity, and domestic water and sewer.

OFF-STREET PARKING & AMENITIES: The Properties offer a mix of off-street and on-street parking, as well as convenient access to numerous forms of public transportation. The Properties are situated on a corner lot, offering ample real estate for tenants to enjoy, as well as the ability to easily walk around the neighborhood.

STRONG RENTAL DEMOGRAPHICS & DEMAND: More than 28,900 people live within 1 mile of the Property with an average household income of $128,111. Over 175,700 people reside within 3 miles of the Property with an average household income of $184,447.

QUALITY OF LIFE AMENITIES: Downtown Englewood is a vibrant, walkable district centered along Palisade Avenue, featuring a wide variety of restaurants, boutique shops, cafés, cultural venues, and essential services. The city’s economy is anchored by healthcare, education, retail, and professional services, highlighted by Englewood Health and a strong base of small businesses.

The Properties are close to an array of recreational and cultural amenities, including the Bergen Performing Arts Center, Flat Rock Brook Nature Center, Overpeck County Park, and numerous local parks and community facilities.

Englewood is located just a few miles from the George Washington Bridge, providing direct access to Manhattan and the broader New York metropolitan area. The city is well connected by major highways such as Route 4, Interstate 95, and the Palisades Interstate Parkway, as well as NJ Transit bus service offering frequent connections into New York City.

Listing Contacts

JP
NJ 2077598
Horvath & Tremblay
ML
NJ 0569706
Horvath & Tremblay
Listed by Horvath & Tremblay

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$223,484.00
$18,623.67/mo

Valuation Metrics

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DSCR
6.88%
Cap Rate
6.88%
ROI

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Additional Information

Name
Ethan Cole
License
2082582
Title
Broker of Record
Name
Michael Lombardi
License
0569706
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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