"This garden-style apartment complex benefits from an excellent location," said Oropeza. "It is convenient to schools, shopping and transportation. In addition, the interiors have all been completely renovated, resulting in attractive rental units that are competitively priced."
Amenities include on-site laundry facilities, parking and central air conditioning. The property is comprised of 11 one-bedroom apartments and two two-bedroom units. Six of the units also have balconies. According to Pomerantz, average rents for the area range from $1,100 for a one-bedroom to $1,250 for a two-bedroom unit.
Located in southeastern Bergen County on the Hudson River, Cliffside Park is conveniently situated between the George Washington Bridge and the Lincoln Tunnel. The town is favored by New York City commuters who value the immediate availability of mass transit links, including bus, rail and ferry service. Numerous shops and diverse restaurants add to the appeal of Cliffside Park's downtown area.
"The rental market throughout Northern New Jersey is extremely strong, due to the rising rents in New York City, where tenants are priced out of that multi-family market, and a willingness among commuters to pay the asking rents in Bergen, Passaic, Hudson and Essex counties in order to have easy access to Manhattan," said Nicolaou.
During 1Q'12, Gebroe-Hammer orchestrated several transactions in Bergen County. Highlights include the trades of Phelps-Ivy, a three-story, 14-unit complex in Englewood, and the sale of 39 units at 30 Euclid Ave., a four-story Hackensack property, which sold for the per-unit price of $118,000 at a 5.75 percent cap rate.
Legal counsel for the Gorge Road sale was provided by J. Alvaro, Esq., of Alonso & Navarrette of North Bergen and Mark Sokolich, Esq., in Fort Lee, on behalf of the seller and buyer, respectively.
Established in 1975 by industry icons, Mel Gebroe and Morris Hammer, Livingston, N.J.-based Gebroe-Hammer Associates specializes in urban and suburban multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania. Widely recognized for its consistent sales performance, the award-winning firm is an eight-time CoStar Power Broker.