Collingswood, NJ
Property Type: MultifamilySize: 17 Units
Price: $2,150,000
CAP: 6.98%
Highlights:
- 17 Units in Collingswood, Camden County, New Jersey
- Two Buildings Located a Quarter Mile from Each Other
- Value-Add Potential, Half of the Units Renting Significantly Below Market
- Large One-Bedroom Units, Many Apartments are 700+ Sq. Ft.
- Private Entrances for Majority of Units
- Ample Off-Street Parking for Tenants
Description:
Marcus & Millichap is pleased to present for sale the Collingswood Portfolio - A 17-unit apartment portfolio spread out over two buildings located in Collingswood, NJ. The addresses are 15-21 E Browning Road (8 units) and 18-24 Pacific Avenue (9 units). The buildings are located a quarter of a mile from each other, and contain 17 one-bedroom units total. The properties have been kept in good condition due to the owner’s keen attention to detail over the past ten years of ownership.
The Borough of Collingswood is home to more than 14,000 people, and is located in the highly desirable and densely populated South New Jersey market. The property is situated right off Haddon Avenue, which is the main road in town and provides easy access to the many nearby restaurants and stores in Downtown Collingswood. The Collingswood Train Station is located close by and provides westbound service to Philadelphia and eastbound to Lindenwold.
The Property represents a rare opportunity to acquire an apartment community in the highly desirable South Jersey rental market. The market average for competing one-bedrooms ($1,506) in the submarket is 12.3% greater than the average rents of the Collingswood Portfolio. The below-market rents allow for investors to come in and make renovations to see a substantial growth in rents.
Full Summary:
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