CBRE Wins NJ Listing
- Feb 14, 2017
Edison, N.J.—CBRE Group Inc. has been named the exclusive agent to market and sell the Washington Park Apartments, a two-building, 52-unit garden-style apartment community in Edison, N.J.
“This is a legacy property that has been within the developers’ family for four generations and throughout that time period has always provided a positive cash flow,” Nat Gambuzza, first vice president of CBRE, told MHN. “It’s well maintained and in a very desirable location. However, from an investment opportunity, it’s highly unique and currently nothing like it on the market. A new owner will be able to increase the upside by nearly 50 percent based on various economics that will be in their favor.”
Located at 1940 Lincoln Highway, RT 27, recent evaluations revealed that the property operates 45 percent below current market rents due to an absentee owner and third-party management in place for more than 20 years.
“It is no secret that the increase in interest rates, as well as some other economic factors, are forcing the market to view investment opportunities differently than in the past few years,” Gambuzza said. “However, the requirement to create cash flow positive investments with long-term upside will always be a constant. With rents being so far under market there is only one way for the rents to go and hence why investment interest activity has been brisk.”
Washington Park Apartments consists of 24 one-bedroom apartments with dinettes, 16 large one-bedroom apartments and 12 junior one-bedroom apartments. It boasts perfectly maintained grounds, ample parking and two laundry facilities.
The property is conveniently located to all major New Jersey thoroughfares as well as the Edison Train Station and Metro Park Station. Surrounding amenities include the Central Business District and Rutgers University.
With a population of nearly 100,000, Edison ranks as the fifth most populated city in New Jersey. The city has consistently ranked among the best and safest places to live by various news publications in the area.