820-824 Avenue C 820-824 Ave C 34 Unit Apartment Building $8,964,043 CAD ($263,648 CAD/Unit) 5.68% Cap Rate Bayonne, NJ 07002

820-824 Avenue C presents the opportunity to acquire a 34-unit multifamily asset consisting of two brick apartment buildings in Bayonne, New Jersey. The offering combines current cash flow with a value-add component, supported by a unit mix that includes 26 free-market apartments and a stated 23% upside potential. Recent capital improvements and ongoing property maintenance provide a foundation for future ownership while allowing investors to pursue operational and revenue enhancements.
The property benefits from a location along Avenue C, one of Bayonne's established neighborhood corridors, providing residents with convenient access to local retail, services, and daily necessities. Regional connectivity further supports tenant demand, with the property located approximately a nine-minute walk from the 34th Street Hudson-Bergen Light Rail station. The station offers access to the PATH system, connecting commuters to Manhattan in approximately 20 minutes. This accessibility supports the property's appeal to residents seeking convenient transportation options within the New York metropolitan area.
Building improvements include 23 renovated units, fire escape upgrades completed in 2026, a boiler replacement at 824 Avenue C in 2024, and a water heater replacement at 820 Avenue C in 2026. Additional features include basement laundry facilities and Amazon lockers in each building. Tenants are responsible for electric and cooking gas expenses, while ownership pays for heat, hot water, and water/sewer services. The combination of recent improvements, transportation access, and future income growth potential positions the asset for investors seeking a multifamily acquisition in Hudson County.