The Ridge: 30 Unit Multifamily Building for Sale! 235-241 Ridge Rd. North Arlington, Bergen County - Legacy Commercial Realty

235-241 Ridge Rd., Bergen North Arlington New Jersey 07031

For Sale 9,700,000.00
Property Details

235-241 Ridge Rd., Bergen North Arlington New Jersey 07031

For Sale 9,700,000.00
Other
Description

The Ridge: 30 Unit Multifamily Building for Sale!

Other - Bergen New Jersey

Legacy Commercial is pleased to present The Ridge Apartment Complex. 

Located at 235-241 Ridge Road, this newly constructed 30 Unit Multifamily Apartment Building is located in the heart of North Arlington, Bergen County, New Jersey. 

The Ridge is 100% occupied with an enclosed underground parking garage, a gym, and laundry room.

The North Arlington / Bergen County market is a community that has easy access to major employment hubs throughout Northern New Jersey.  New York City can be reached by rail or car in less than half an hour. The Ridge is well positioned with access to NJ Turnpike, NJ-3,     I-280, and the Garden State Parkway.   Strategically located across the street from North Arlington High School on Ridge Road.

The Ridge consists of Three (3) One (1) Bedroom apartments and Twenty-Seven (27) One and One Half (1.5) Bedroom Apartments.  Seven (7) Apartments have outdoor deck areas. 

Property Summary

Address: 235-241 Ridge Rd., North Arlington, NJ 07031

Units: 30

Year Built: 2018

Parking: 28 Covered Parking Spaces. Substantial Street Parking

Asking Price: $9,880,000.00

Yearly Income: $719,566.53

Yearly Expenses: $235,414.17

Net Operating Income: $484,152.36

Cap Rate: 4.9%

Real Estate Taxes (2018): $149,000.00

Taxes Reflect reassessed value post construction

Block 43 Lot 12 & 13 of the Bergen County NJ Tax Maps

No Pilot Programs, Abatements, or COAH Requirements

Assumable Debt with Columbia Bank

Amount Remaining: As of 8/1/2020, the balance is $6,957,728.00

Term Remaining: 12 Years

Rate: 4.15% for 5 more years with one adjustment 110 basis points over the Fed Home Loan Bank of NY Advance Rate.

Years Amortized: 30

Property Features
  • Other
  • Floor Area is 30,000 square
  • 28 + Car Spaces
Commercial Features
Highlight 1

Gym

Highlight 2

Laundry Room

Highlight 3

Indoor Parking Garage

Seth Katz
Broker of Record / CEO
Office: 732-333-6380
Seth had attended Rutgers University studying Economics and business management. His Commercial Real Estate career started in 2004. As a full service Broker, Seth has been actively involved in every sector of Commercial Real Estate. Born and raised in Monmouth County, NJ, Seth is quite familiar with the land development and municipal approval processes in the counties which encompass Central New Jersey. Seth’s real estate approach is “hands-on” and he works tirelessly to satisfy the needs of all Legacy Commercial Realty’s clients and customers. His philosophy of “think client first” has yielded positive results and trust throughout his business career.
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Derin Goodman
Sales Associate
732-614-6116
Derin is an experience business professional who has worked in accounting, management, and real estate over the past 5 years. Derin had attended the State University at Buffalo where he earned his Bachelor’s degree in Economics. Derin’s previous role as an account manager for many medical and real estate clients equipped him with the necessary tools and understanding of how business runs internally which in turn, allows for a closer and more personal relationship with our clients. Growing up locally in Marlboro NJ, Derin has an extensive knowledge of the real estate markets in Monmouth, Middlesex, Mercer, Ocean Counties. Please feel free to contact him anytime for any inquiries.
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