416 2nd St, Union City, NJ 07087

Property Description

416 2nd Street, Union City. Three furnished residences. Nine bedrooms. Six full baths. Private terraces. Parking. And projected gross income of approximately $187,200 per year. Welcome to 416 2nd Street—an investment opportunity built for today’s rental market. Built in 2008 and located alongside Washington Park, this substantial three-family offers three fully furnished 3-bedroom, 2-bath residences, each with central air, in-unit washer/dryer and a private terrace. The setup creates multiple rental strategies, including traditional leasing, corporate housing, relocation, insurance-displacement stays and extended work assignments. The numbers make the opportunity especially compelling. Current asking rents are $6,300 for Unit 1, $4,800 for Unit 2 and $4,150 for Unit 3, totaling $183,000 in projected annual residential income. Add approximately $350/month in potential parking income, and projected gross income reaches approximately $187,200 annually. With 2025 property taxes of approximately $21,915, estimated insurance of $3,300 and water/sewer of approximately $2,400 annually, a preliminary pro forma incorporating 5% vacancy and 5% repairs/reserves produces an estimated $140,865 NOI and approximately 7.83% projected cap rate at a $1,799,000 offering price, before landlord-paid utilities, management and other applicable expenses. Buyers should perform their own due diligence. Parking options provide additional convenience and potential income, while Washington Park, Hoboken, Light Rail, shopping, dining and transportation toward Jersey City and Manhattan help support a broad tenant pool. Newer construction. Three large furnished residences. Multiple rental strategies. $187,200 in projected gross annual income. Parking. In-unit laundry. Central air. Private outdoor space. For the investor looking for income, flexibility and a difficult-to-replicate Hudson County asset, 416 2nd Street deserves serious attention.