Description
Marketing Description
Marcus & Millichap has been selected on an exclusive basis to market for sale 148 Welton Avenue a in New Brunswick, New Jersey.
148 Welton Avenue is a 14 unit building consisting of 1, 2, and 3 bedroom apartments. Each unit has separate heating and hot water furnaces, cooking gas, and electric meters. Many recent capital improvements including a new roof and all new water heaters.
There is a tremendous amount of upside in the under market rents, that are approximately 20% below market. New Brunswick allows apartments to de-control the rent upon vacancy, so this can be achieved upon unit turnover. Student housing is also huge potential in the buildings with some capital improvements, as it is very close to the Universities. There is also additional potential income in making four parking spots at the Throop building and one spot at Welton Street. Additionally each unit has forced air units in both buildings with potential air conditioning options that are not in use but in need of repair.
The subject offering is an opportunity for an investor to acquire a turn-key investment in a strong market with major upside in the rent roll and future appreciation of what is coming in New Brunswick.
