Runnemede, NJ
Property Type: MultifamilySize: 14 Units
Price: $1,550,000
CAP: 5.29%
Highlights:
- 14 Units in Runnemede, New Jersey
- Value-Add Through Renovations - Average Rent is Approximately $300 Below-Market
- Strong Unit Mix - 86% Two-Bedroom Units
- Ample Off-Street Parking for Tenants
Description:
Marcus & Millichap is pleased to present for sale the The Hillcrest Apartments - A 14-unit apartment complex spread out over two buildings, located in Runnemede, NJ. The buildings are located right next to each other and contain 2 one-bedroom units and 12 two-bedroom units total. The complex has been kept in very good condition due to the owner’s keen attention to detail over the past nine years of ownership. The owner is responsible for common area electric and gas, water and sewer. The tenant is responsible for their electric and heat expenses.
The Borough of Runnemede is home to more than 8,400 people and is located in the highly desirable and densely populated South New Jersey market. The property is situated right off the main road in town which provides easy access to the many nearby restaurants, stores and the Cooper Towne Center. The NJ Turnpike and Route 42 are located very close to the property and are the major thoroughfares of New Jersey.
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 ($1,151) and two-bedrooms ($1,425) in the submarkets are 10.4% and 26.4% greater than the average rents of the Hillcrest Apartments, respectively. The below-market rents allow for investors to come in and make renovations to see a substantial growth in rents.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
