Salem & Gloucester Counties, NJ
Property Type: MultifamilySize: 146 Units
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- Three-Property 146-Unit Value-Add Multifamily Opportunity in Southern New Jersey
- Available Together as a Three-Property 146-Unit Portfolio; Or Separately:
- Cedar Knoll & The Manor - 2 Paulsboro Properties (74 Units)
- Sunrise Gardens - 1 Pennsville Property (72 Units)
- Value-Add Garden-Style Apartments in Strong Locations Near Employment Centers
- Below-Market Rents: Sunrise Gardens is ~17-20% Below Submarket Averages, While Paulsboro Properties are ~20% Below Submarket Averages
- Energy Efficiency Improvements: Opportunity to Submeter Gas Heat, and Transfer Expenses to Tenants with Available State Grants
- Competitive Pricing: Priced Below $120,000 per Unit, Which is Significantly Below Market Averages in New Jersey
Description:
Marcus & Millichap is pleased to present for sale the South Jersey Portfolio - Three value-add properties located in Paulsboro and Pennsville, New Jersey. Two of the properties, Cedar Knoll and The Manor, total 74 units and are located in Paulsboro, Gloucester County. Sunrise Gardens, totaling 72 units, is located in Pennsville, Salem County, NJ.
All Properties are well occupied and in solid Southern New Jersey towns near highway access to Philadelphia and Wilmington, DE. The Paulsboro properties are a 15-minute drive to the Walt Whitman Bridge. Sunrise Gardens is a 15-minute drive to Wilmington, DE and 35 minute drive to Philadelphia.
Rents at Sunrise Gardens are approximately 17-20% below the submarket averages. Rents at Cedar Knoll and The Manor are approximately 20% below submarket averages.
Sunrise Gardens has the ability to submeter the gas heat, which will transfer the expense to the tenants. Additionally, there is a quote to replace all of the boilers and hot water heaters with new high efficiency systems. There are active state grants and financing available for energy efficiency improvements at the property.
The properties are being offered as a portfolio or as two separate offerings – Sunrise Gardens and
the two Paulsboro properties.
Pricing for the portfolio is below $120,000 per unit, which is significantly below the sales market averages in New Jersey.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
