Commercial space For Sale in Union City, NJ
MLS# : 250012859
PROPERTY DETAILS
PROPERTY DESCRIPTION
Meticulously maintained, legal 8-family freestanding brick building located in the heart of Union City, right on highly desirable Central Avenue. This property sits on a 27 x 84 lot with full lot coverage, a brick & concrete façade, and has been kept fully up to date with all city requirements. The building is comprised of (3) three-bedroom apartments and (5) one-bedroom apartments, all with separate heat and electric, individual meters, and minimal occupants per unit, making for stable, long-term tenancy. Property also features a double garage with value-add potential to lease separately for additional income. Current cap rate is a true 6.5%, with further upside available. Excellent cash flow, low expenses, and prime location in one of Union City’s most sought-after rental markets make this an ideal investment opportunity. Financials available upon request. Serious inquiries only.
Amenities
This listing is a courtesy of LIBERTY REALTY LLC
201-222-2900 office, listing agent RALPH SCHELL
About Union City, NJ Real Estate Market
The Union City is situated atop the ridge of the lower Hudson Palisades. Due to a high elevation, the city offers clear views of surrounding municipalities like New Jersey Meadowlands and New York City Skyline. It shares its borders with other parts of Hudson County, such as Jersey City, Hoboken, Weehawken, North Bergen and West New York.
The formation of Union City as a city happened in 1925 by an act of the New Jersey Legislature. Union City was established by merging Union Hill and West Hoboken Township. The city’s name got derived from the names of these two municipalities. In its early stages, Union City was inhabited by German and Spanish speaking people.
Union City is divided into two parts by New Jersey Route 495, which resulted in the renaming of many street names in the city. Most of the homes for sale in this part of Hudson County are located on streets like 32nd Street, Hackensack Plank Road and Bergen Turnpike, which form Union City’s urban grid.
| Population: | 65,551 |
| Total Housing Units: | 22,411 |
| Single Family Homes: | 5,756 |
| Apartments: | 16,655 |
| General Tax Rate (2023): | 7.438% |
| Effective Tax Rate (2023): | 2.161% |
| Compare To Other Towns |
Union City Market Indicators
PRICE INDEX
| Average Price* (12mo): | $450,207 |
| Homes Sold* (12mo): | 7 |
SINGLE FAMILY HOME SALES
Union City, NJ
PRICE INDEX
| Average Price* (12mo): | $436,553 |
| Apatments Sold* (12mo): | 132 |
APARTMENT SALES
Union City, NJ
REAL ESTATE TAXES
| General Tax Rate (2023): | 7.438% |
| Effective Tax Rate (2023): | 2.161% |
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MADISON ADAMSTM
Ridgewood, NJ 07450
201-760-1100 (office)
201-760-1102 (fax)
| Homes : | $489,000 - 1,250,000 | 4 |
| Condos : | $85,000 - 1,275,000 | 74 |
| Co-ops : | $249,000 - 649,000 | 25 |
| Twnhs : | $489,000 - 1,489,900 | 4 |
| 2-4 Fam : | $599,000 - 1,489,900 | 14 |
| 5+ Fam : | $1,099,000 - 1,125,000 | 2 |
| Land : | $333,000 - 1,695,000 | 4 |
| Rentals : | $1,700 - 3,850 | 14 |
| Mixd Use : | $1,099,000 - 2,650,000 | 5 |
| Com S : | - | |
| Com L : | - | |
| Biz : | $74,900 - 250,000 | 4 |
