40-Unit Value-Add Multifamily Portfolio | Runnemede, NJ

424 North Black Horse Pike, Runnemede, NJ

Market Price

Price

40

Units

2

Floors

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Street
Map
Overview
Units
40
Floors
2
Description

RI Marketplace Online Auction May 13-15, 2024
Register to Bid on Marketplace:

https://rimarketplace.com/auction/1910/40-unit-value-add-multifamily-portfolio-runnemede-nj?utm_source=brevitas&utm_medium=listing&utm_campaign=multifamily_1910

Colliers, in conjunction with RI Marketplace, is pleased to offer The Runnemede Multifamily Portfolio, which consists of two residential properties totaling 40 apartments. Located just a half mile apart in a desirable residential location, the properties are located at 424 North Black Horse Pike and 345 West Clements Bridge Road, Runnemede, NJ. Within the past 12 months, ownership has undertaken an extensive renovation project. 22 of 40 units have been renovated with upgrades made to unit interiors and exteriors in addition to a new laundry rooms at both properties.

The neighborhood features dozens of small businesses in addition to major national brands. Walmart, Michael’s Sams Club, ACME Markets, Target, Wawa, CVS and Starbucks are all within two miles of the Portfolio. The location is also strong for commuters as there is a bus station immediately in front of both properties and Exit 3 of the New Jersey Turnpike is less than one mile away. Center City Philadelphia, a hub for Med’s and Ed’s, is just 8 miles from the Portfolio.

Richard G. Warner
c/o Fisher Auction Company Inc.

License: 0120281

Highlights
  • Significant Upside Through Renovation: Renovated units have achieved an average rent 70% higher than unrenovated legacy units.
  • Below Market Rents: Ownership has prioritized leasing the property to secure cash flow over maximizing rent.
  • No Rent Stabilization: The Portfolio is in a municipality that is not subject to rent stabilization or rent control.
  • Desirable Residential Neighborhood: The neighborhood features dozens of small businesses in addition to major national retailers.
  • Strong Location for Commuters: There is a bus station immediately in front of both properties and Exit 3 of the New Jersey Turnpike is less than one mile away.
  • Philadelphia MSA: The Portfolio is just 8 miles from Center City Philadelphia, the sixth most populous city in the U.S.
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