473 Grand Ave, Leonia, NJ 07605

This six-unit multifamily property is located at 473 Grand Avenue in Leonia, New Jersey. The building, constructed in 1964, features three stories of brick construction and sits on a 9,043 square foot lot. The property comprises five two-bedroom, one-bathroom apartments and one one-bedroom, one-bathroom apartment. All six units were occupied at the time of offering, with no reported vacancy. Three of the six kitchens have been updated, while the remaining three are original and present an opportunity for interior program execution upon natural tenant turnover.

Significant capital improvements have been completed or are scheduled for the property. These include a central fire sprinkler system and a monitored wireless central station alarm, both installed in spring 2025. Exterior stucco masonry was completed in November 2025. A new hot water heater serving the building was installed in January 2026, and a new blacktop parking area was completed in 2026. The roof is asphalt shingle, reported by ownership to be approximately twelve years old against a twenty-five year shingle rating; purchasers are advised to verify age, condition, and remaining service life through independent inspection. Windows have been replaced over the years.

The property offers six rear parking spaces, one for each apartment, which are included in the rent. Tenants are separately metered and responsible for their own electric and cooking gas expenses. Ownership covers the costs for water, sewer, heat, hot water, and common area lighting. The building holds a current certificate from the New Jersey Department of Community Affairs, Bureau of Housing Inspection. Gross annual rent is approximately $104,826, an owner-provided figure subject to purchaser verification during the due diligence period.

Leonia's location provides convenient access to transportation and amenities. NJ Transit Route 166 offers service to the Port Authority Bus Terminal in approximately thirty minutes, and Route 182 serves the George Washington Bridge Bus Terminal. The George Washington Bridge is approximately a twenty-minute drive to Midtown Manhattan during off-peak hours. Overpeck County Park, spanning over 800 acres, borders the borough to the west, and Sylvan Park is situated on Grand Avenue. Nearby retail options include H Mart and the Broad Avenue retail corridor, contributing to consistent tenant demand in the area.

The property is offered at $1,699,000, equating to $283,167 per apartment. There is potential for rent upside, as three original kitchens and one superintendent-occupied apartment are currently rented below market rates. Renovated two-bedroom apartments on Grand Avenue leased between $2,400 and $2,750 during 2026. The program for unit upgrades is designed to occur unit by unit upon tenant turnover. 2025 property taxes were $24,613.38, and purchasers should confirm the 2026 municipal rate with the Borough of Leonia tax collector.