Glen Park Townhomes
111 Wayne Road; Bridgeton, NJ 08302
- Price$ 6,700,000
- Property TypeMulti Unit Housing
- NeighborhoodCumberland County
- Number of Units112
- Lot Size7.9 acres
- Price/Unit$ 59,821
- Year Built1948
- Outstanding Unit Mix: 50% Two-Bedroom Townhomes and 50% One-Bedroom Townhomes
- Each Unit is Separately Metered: Tenants Pay Heat, Hot Water and Electric
- Washer/Dryer Hook-Up in Every Unit
- Construction features Brick and Vinyl Siding with Pitched Roofs
- Excellent Value-Add Opportunity
On behalf of the Owner, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Glen Park Townhomes, a 112-unit townhome style community built in 1948. Glen Park Townhomes is located in the southern part of New Jersey near the Delaware Bay in Cumberland County.
Glen Park Townhomes features brick and vinyl siding, two-story construction with pitched roofs. The property is comprised of 16 buildings containing a total of 112 townhomes (56 two-bedroom and 56 one -bedroom) with full basements. Each townhome is separately metered for electric (100 amp per unit) with tenants paying electric, heat and hot water. In addition, each townhome contains an individual electric hot water heater and an individual oil-fired furnace. Every unit has a full basement that contains an above-ground oil tank (paid by tenant) and a washer/dryer hookup in the basement.
Recent capital improvements include new paving, sidewalks, cameras, dog park and 25 renovated units. Renovated units receive approximately $60 to $80 per month premium compared to standard units. The property presents well for a value-add opportunity to continue renovation and supply washer/dryers to receive approximately $100 to $120 per month premiums. In addition, occupancy is strong in the Bridgeton/Vineland/Millville sub-market with most managers reporting 95% to 97% occupancy.
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
Tel: (215) 454-2852 EXT 1003
Cell: (215) 805-5011
License: PA RS277420 / NJ 0047530
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