235-241 Ridge Rd., Bergen North Arlington New Jersey 07031For Sale 9,700,000.00
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.
Address: 235-241 Ridge Rd., North Arlington, NJ 07031
Year Built: 2018
Parking: 28 Covered Parking Spaces. Substantial Street Parking
Asking Price: Recently reduced from $10,200,000.00 to $9,700,000.00.
Yearly Income: $715,580.04
Yearly Expenses: $214,899.40
Net Operating Income: $500,680.40
Cap Rate: 5.16%
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
- Floor Area is 30,000 square
- 28 + Car Spaces
Indoor Parking Garage