43 Belmont Ave, Garfield, NJ 07026

Presenting a unique investment opportunity at 43 Belmont Avenue in Garfield, New Jersey. This property comprises fifteen residential apartments situated above two retail storefronts. The residential unit mix includes one studio apartment with one bathroom, thirteen one-bedroom apartments each with one bathroom, and one two-bedroom apartment with one bathroom. This offering represents a rare chance for investors to acquire a multifamily asset in a Bergen County municipality that does not enforce rent control.

The current ownership has maintained this property for over 40 years, presenting a significant value-add potential for a new owner. The property benefits from its location with access to mass transit, being less than one mile from the Garfield Train Station and featuring a NJ Transit bus stop directly across the street. This accessibility enhances the desirability for tenants.

Investors can anticipate substantial rental upside, with projections indicating over 20% potential increase in residential rents. The property is classified as a commercial investment with a property subtype of Apartment and General Retail Storefront Retail/Residential. Built in 1934, the building has a class of C and spans approximately 5,000 square feet. The zoning is B1.

Further enhancing the appeal of this property is a valid DCA State Inspection certificate, which remains effective through 2031, indicating compliance with state safety standards. The landlord is responsible for covering the costs of heat, hot and cold water, and common area electricity. Tenants are responsible for their individual cooking gas and electricity expenses. This property is considered low maintenance, further contributing to its investment appeal.

The property's financial metrics include a listed price of $3,300,000 and a cap rate of 4.92%. While specific parking details are not fully detailed, the property is situated in a location conducive to transit-oriented living and commercial activity. This offering is ideal for investors seeking a stable income-generating property with clear avenues for increased profitability in a desirable New Jersey location.