473 Grand Ave, Leonia, NJ 07605

This legal six-unit multi-family property is located at 473 Grand Avenue in Leonia, New Jersey. The building, constructed in 1964, is a three-story brick structure situated on a 9,043 square foot lot. The property is currently 100 percent occupied with no vacancies. It comprises five two-bedroom, one-bathroom units and one one-bedroom, one-bathroom unit. The property is identified by Block 510, Lot 1, with dimensions of 76 x 119 feet.

The property presents a documented rent upside, with an approximate gross annual rent of $104,826 and approximate 2025 operating expenses of $40,120. These income and expense figures are owner-provided and subject to buyer verification during due diligence. The building holds a current NJ Department of Community Affairs state inspection certificate. Recent capital improvements include a central fire sprinkler system and a monitored wireless alarm installed in 2025, exterior stucco masonry completed in November 2025, a new hot water heater in January 2026, and a new blacktop parking area.

Further enhancing the property's value, three of the six kitchens have been updated. Windows throughout the building have been replaced over the years. The property includes six rear parking spaces, with one allocated per apartment and included in the rent. Tenants are separately metered for electric and cooking gas. The owner is responsible for water, sewer, heat, hot water, and common lighting expenses. Comparable renovated two-bedroom units on Grand Avenue have leased between $2,400 and $2,750 in 2026, indicating potential for increased rental income.

The property offers a clear repositioning opportunity, with three original kitchens and a below-market superintendent unit identified for potential upgrades. The lot size is 9,043 square feet. The building was constructed in 1964. The property is located in Bergen County. This multi-family property is suitable for investors seeking a fully occupied asset with clear potential for revenue growth through strategic improvements and market-aligned rental adjustments.