Berlin, NJ
Property Type: MultifamilySize: 16 Units
Price: $2,600,000
CAP: 6.96%
Highlights:
- 16 Units in Desirable Berlin, Camden County, New Jersey
- Value-Add Opportunity: 11 of the 16 Units are Unrenovated
- Each Unit Features Separate Entrances with a Private Balcony or Patio
- Strong In-Place Yield: 6.96% Cap Rate Day One at List Price
Description:
Marcus & Millichap is pleased to exclusively offer qualified buyers the opportunity to acquire Rockwell Pointe - A 16-unit apartment community in Berlin, Camden County, New Jersey.
Rockwell Pointe is comprised of four buildings all situated right next to each other. There is a diverse unit mix at the Property with 3 one-bedroom units, 12 two-bedroom units and 1 three-bedroom unit. The units are large with an average size of 858 square feet, and feature separate entrances with a private balcony or patio. There are three laundry rooms located on-site for the tenants to use, as well as ample storage space in the basements.
The owner has completed many upgrades to the Property, including several unit renovations, replacing some of the decks and hot water heaters, and installing new electric panels for many of the units. The tenants pay for their electric usage and the owner bills them back for gas. The landlord is responsible for the water and sewer. Trash removal is paid by the township.
Rockwell Pointe sits in proximity to Downtown Berlin, but on a quiet street right off White Horse Pike, which is the town’s main thoroughfare. There is a church located directly across the street, along with some new construction single family homes. The Property represents a unique opportunity to acquire an apartment complex in highly desirable Camden County. The current owner has only renovated five units, which allows an incoming investor to capture the large amount of upside left in the complex while also achieving strong returns.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
