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NEWLY REMODELED 14 UNIT BUILDING

380 Division Street, NJ

$3,450,000

Cap Rate: 7.49%

View Details

Units
14
Type
Multifamily
Year
Remodeled 2023
Parking
Private Lot

Executive Summary

380 Division Street represents a compelling 1031 exchange replacement opportunity for investors seeking immediate, stable income, minimal management burden, and long-term appreciation in a coastal New Jersey market.

Converted from a convent in 2023, this fully occupied 14-unit apartment building features modern interiors, upgraded systems, strong life-safety infrastructure, and institutional-grade security—significantly reducing capital expenditure risk for the incoming owner.

With a 7.49% cap rate, low annual operating expenses, and a one-bedroom–heavy unit mix, this asset is ideally suited for buyers under 1031 timelines who require a turnkey, stabilized property with durable cash flow.

Newer conversion (2023)
Fully occupied with in-place rents
Low operating expenses
Fire sprinkler system
Security & access controls