Egg Harbor City, NJProperty Type: Multifamily
Size: 70 Units
Price: See Broker for Details
CAP: See Broker for Details
- 70-Unit Townhouse Community in Egg Harbor City, Atlantic County, New Jersey
- Spacious Two-Bedroom/One-Bath Townhouses with Recent Cap Ex
- Long-Term HAP Contract with Upside in 2023
- Convenient Transit-Oriented Location
- Free-and-Clear of Debt
Marcus & Millichap is pleased to present the opportunity to present for sale the fee simple interest in Harbor City Apartments - A 70-unit townhouse community in Egg Harbor City, Atlantic County, New Jersey.
All residences are two-bedroom/one-bath two-story townhouse units. Each unit has a separate entrance with a sliding door, providing access to a courtyard area. The current owner invested in new Lochinvar boilers and on-demand hot water heaters in 2021. Roofs and siding were replaced in 2012. A number of units have new flooring and kitchens. There are on-site coin-op laundry facilities, and a management building.
Current ownership signed a 20-Year HAP Contract in September 2018. A new owner will have the option of increasing rents in September 2023 at the first 5-year option. Based on current submarket rents, +2.5% rent increase in October 2022, and the adjustments made on the last RCS in 2018, it is projected that the project will receive a $91 rent increase in 2023 without any upgrades to the property. The property is currently 100% occupied with a waiting list.
The property is located just off of Exit 17 of the Atlantic City Expressway. The nearest entrance/exit is 2.2 miles from Harbor City Apartments. Atlantic City is less than 20 miles from the property. The property is within a 5-minute walk to the Egg Harbor Train Station on the NJ Transit Atlantic City Line, which Provides Direct Service to Atlantic City in 20 minutes and Center City Philadelphia in 1 hour.
A new owner can place attractive new debt on the property with multiple years of interest-only available.