54 Midtown Apartments | 1600 54th St
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54 Midtown Apartments 1600 54th St
52 Unit Apartment Building $24,879,799 CAD ($478,458 CAD/Unit) 6.16% Cap Rate North Bergen, NJ 07047
INVESTMENT HIGHLIGHTS
- New Construction: Two 26-unit buildings, totaling 52 units.
- Unit Mix: 42 units are 1-bedroom with a den, and 10 are 1-bedroom apartments.
- Leasing Status: Building 1 is fully stabilized for over 60 days; Building 2 available since August.
- Amenities: Building 1 features a community room; Building 2 includes a gym.
- Parking: 77 parking spots available for residents.
- No Rent Control: New construction exempt from rent control in North Bergen.
EXECUTIVE SUMMARY
New construction! A total of 52 units consisting of two 26-unit buildings. Building 1 has a community room, while building 2 has a gym. 42 units have 1 bedroom plus a den, the remaining 10 units are 1 bedroom apartments. Building 1 has been fully stabilized for over 60 days and Building 2 became available for lease since August. The property offers 77 parking spots. New construction buildings are not subject to rent control in North Bergen.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$2,105,022
|
$50.60
|
| Other Income |
$3,472
|
$0.08
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$2,108,494
|
$50.68
|
| Taxes |
$336,948
|
$8.10
|
| Operating Expenses |
$240,109
|
$5.77
|
| Total Expenses |
$577,057
|
$13.87
|
| Net Operating Income |
$1,531,437
|
$36.81
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $2,105,022 |
| Annual Per SF | $50.60 |
| Other Income (CAD) | |
|---|---|
| Annual | $3,472 |
| Annual Per SF | $0.08 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $2,108,494 |
| Annual Per SF | $50.68 |
| Taxes (CAD) | |
|---|---|
| Annual | $336,948 |
| Annual Per SF | $8.10 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $240,109 |
| Annual Per SF | $5.77 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $577,057 |
| Annual Per SF | $13.87 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $1,531,437 |
| Annual Per SF | $36.81 |
PROPERTY FACTS
| Price | $24,879,799 CAD | Building Class | B |
| Price Per Unit | $478,458 CAD | Lot Size | 0.79 AC |
| Sale Type | Investment | Building Size | 41,600 SF |
| Cap Rate | 6.16% | No. Stories | 4 |
| No. Units | 52 | Year Built | 2024 |
| Property Type | Multifamily | Parking Ratio | 1.85/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid Rise |
| Price | $24,879,799 CAD |
| Price Per Unit | $478,458 CAD |
| Sale Type | Investment |
| Cap Rate | 6.16% |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.79 AC |
| Building Size | 41,600 SF |
| No. Stories | 4 |
| Year Built | 2024 |
| Parking Ratio | 1.85/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Fitness Center
- Tenant Controlled HVAC
- Public Transportation
- Smoke Detector
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PROPERTY TAXES
| Parcel Number | 08-00183-0000-00020-02 | Total Assessment | $3,749,339 CAD |
| Land Assessment | $3,459,479 CAD | Annual Taxes | $336,948 CAD ($8.10 CAD/SF) |
| Improvements Assessment | $289,860 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
08-00183-0000-00020-02
Land Assessment
$3,459,479 CAD
Improvements Assessment
$289,860 CAD
Total Assessment
$3,749,339 CAD
Annual Taxes
$336,948 CAD ($8.10 CAD/SF)
Tax Year
2024
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54 Midtown Apartments | 1600 54th St
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