412 Monastery Pl, Union City, NJ 07087

Property Description

A fully rented ten-unit apartment building in Union City. 408-412 Monastery Place brings in $113,706.84 a year at an asking price of $1,279,000 - a 6.00% cap rate on the reported figures, with all ten apartments occupied. The building also offers a clear income opportunity: ten separate apartment water meters are reported in place. If the leases and billing allow the $5,000 water and sewer expense to be recovered from tenants - a step that requires lease and billing verification - income after listed expenses would rise to $81,720 and the cap rate to 6.39%, income that would support a value of roughly $1,362,000 at the same 6% cap.