577-581 Kearny Avenue
Kearny , NJ
07032

RIPCO Real Estate has been retained on an exclusive basis to arrange for the sale of 577-581 Kearny Ave—Kearny, NJ 07032.

PLEASE NOTE - This sale is currently for a 50% ownership buyout. The property is currently owned as a Tennent’s in Common structure. 50/50 ownership. One party wishes to exit the property immediately, the other party needs time to settle their family’s estate before they can entertain a sale.

The property consists of 28 apartments over 1 retail store, Midtown Pharmacy, which has been in the same location since 1952. The property has been owned by the same families for 40+ years and includes a mix of sixteen (16) 1 Bed / 1 Bath apartments & twelve (12) 2 Bed / 1 Bath apartments. Landlord responsibilities include paying the heat, hot and cold water, and common electric. Tenants are responsible for in-unit electricity and cooking gas. There is an on-site super who receives $1,000 per month and a free 2BR unit.

The building is a pre-war brick walkup with NYC skyline views from the upper floors & roof – rarely does an asset like this hit the open market. This deal offers investors a unique value-add opportunity for the next investor to capitalize on a strong and growing rental market. The property is situated directly across the street from NJ transit bus stop that gets residents to the Lincoln Tunnel in 20 minutes. The building is also a 10-minute drive to Kingsland Station which provides direct train access into Manhattan.